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New payment systems claim to make it safer to buy online, but do they?

The Guardian: Experts cast a wary eye over new online payment systems

Two new systems claim to make it easier and safer to shop online, by letting you pay for goods directly from your bank account without having to hand over card details. But experts are warning consumers not to be “lulled into a false sense of security”.

By acting as middlemen in the transaction these systems provide security by ensuring that credit card details are not passed to the retailer however if the banks don’t allow access to their back office systems (and why would they) then these two new systems rely upon users installing software on their computers to handle the transaction details.

But by making it necessary to install software the systems will introduce a vector of attack by criminals who will use phishing techniques and introduce trojans to steal users financial details.

By Matt Wharton

Matt Wharton is a dad, vlogger and IT Infrastructure Consultant. He was also in a former life a cinema manager.

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