CurrentC Hacked Before It Is Even Launched

CurrentC is a mobile payment system slated for release in 2015 that is meant to compete with Google Wallet and Apple Pay. On October 30, Merchants Customer Exchange (MCX), which is the organization behind the smartphone app, informed its beta testers that their database had been hacked and that users’ email addresses had been compromised. Unlike Google Wallet and Apple Pay, CurrentC uses a completely different system that uses QR codes instead of NFC to make financial transactions. It also does not allow you to pay using a credit card and instead links directly to your checking account. The system is being backed by many retail giants since it would allow them to avoid paying for credit card transaction fees. Although no financial information had been leaked during this breach, this is still a huge cause for concern for many people since CurrentC requires for you to enter in your bank account information and social security number. It also does not help that Kmart, Lowe’s, Target, and several other companies that are members of MCX have already experienced data breaches of their own over this past year.

Source: http://www.pcworld.com/article/2841032/currentc-is-doa-before-its-even-launched.html

-Chris Jones

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