It was just recently that CurrentC was introduced to the market by Merchant Consumer Exchange (MCX), as a rival to Apple Pay, made headline when it blocked Apple Pay transaction in its stores. This however, is nothing comparing to recent report of security breach of consumers data.
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CurrentC, backed by 50 plus retailers such as Wallmart, Target, Best Buy amongst other big names in the retail sector, is currently in trial period and will not be released to the public until early 2015 was recently hacked causing participating users email address to be stolen. The good news however the good news is that no financial information was exposed, and attackers did not intercept transaction data.
According to MCX, MCX said unauthorized persons someone got awhole of e-mail addresses of some participants of its pilot program. However, MCX says that most addresses were “dummy accounts” and that the app itself was not affected.
Apple Pay, on the other-hand, has only been receiving positive reviews on the App Store, offline, Social Media and on review sites. Tim Erlin, director of IT risk and security strategy for Tripwire, says, “As long as this incident is constrained to the loss of email addresses, I wouldn’t expect it to be material to their business plans. There are enough big name retailers involved to weather that kind of an incident” according to a report on PC World
This however is not very comforting for many who took to IOS App Store and Google Playstore to let MCX know how they really feel about CurrentC. According to Yahoo “although CurrentC is averaging one star right now on both the iTunes App Store and Google Play, the best reviews being written are the rare five-star reviews, largely because they trash the app in ways that are even more amusing than the one-star reviews.” Perhaps consumers are thinking that if they are not able to protect users email address, will they be able to safe guard users bank account information? CurrentC works by bypassing the major credit card providers and thus avoiding transaction processing fees by linking directly to customers’ bank accounts and debiting transactions directly.
Furthermore, many of the retailers in MCX group have lost confidence with customers as a result of past data breaches. Some of these retailers includes Kmart, Michael’s, Lowe’s, Old Navy, Target and other MCX members.
Here are some of the comments made on Google Play Store with some users seeing the app as junk:
“Not even full released and hacked already Want a lot of person information, tracks your transactions and gives the data to the stores. Already hacked and wants to connect directly to your bank account. “- Charles Eakins
“Nope, nope, nope, nope No one wants to give out their bank information, and no one wants to use QR codes. Stop your anti-competitive behavior, get with the program, and re-enable NFC at your registers. Edit: And it’s not secure! It’s already been hacked! Go home CurrentC, you’re drunk.”- Aaron Stevenson
“Junk This app/payment system is not only technologically inferior to NFC payment systems, but also requires too much personally identifiable information to create an account. “-Joseph Bennett
“Why would I want this? You want my SSN#? You want to connect to my bank account? You want to make me exchange QR codes? Are. You. Serious? What a colossal step backward in usability and security. Nobody should have to use this system. “- Jeff F.
The CurrentC app which is available on Google Play and iTunes for the pilot projects has some 5,000 mostly 1 star reviews. All eyes is now looking to see what will happen in the upcoming weeks but one thing is certain is that retailers in the MCX group has their work cut out for them.
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