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Square Debuts New Email Payment System

Posted by Soulskill on from the all-about-the-benjamins dept.

cagraham writes "Mobile payment company Square — best known for their smartphone credit-card swipers — has launched a new payment service called Square Cash. The service doesn't require users to sign up or make an account. Instead, they just email the person they'd like to transfer money to (with the amount as the subject), and CC 'cash@square.com.' Square asks the sender for their debit card info, and then sends a link to the recipient, who can transfer the money into any account they want within 1-2 business days."

7 of 240 comments (clear)

  1. Ummmm... by Anonymous Coward · · Score: 5, Insightful

    This has got to be the most insecure payment system ever.

  2. Really? by mcmonkey · · Score: 4, Insightful

    Account details over email and 1-2 business days?

    Why not just put cash in an envelope and send USPS? At least that way you can't lost more than the cash you send.

    1. Re:Really? by Anonymous Coward · · Score: 5, Insightful

      Sounds like an easy way to do a phishing scam.

    2. Re:Really? by n7ytd · · Score: 4, Insightful

      We tried it. My co-worker sent me $15. After the initial email, we both tied our debit cards to our email addresses, and I had the funds in my account in less than 5 minutes. Since our cards are now linked I imagine it will be even quicker in the future.

      So now can you spoof another e-mail from your co-worker to yourself, CC'ed to square and get more money from him in less than 5 minutes?

  3. Sounds ready for abuse by Anonymous Coward · · Score: 5, Insightful

    So the From:, Subject, To:, and Cc: headers are what makes this work?

    Not a bad idea, really, except that it can all be trivially spoofed, and the resulting set up/confirmation emails can be trivially intercepted and abused at will. Plus, of course, no easy drop-in encryption, and in the end it piggybacks on existing systems, so all the risks associated with them (like credit cards) will be neatly folded into the deal too.

  4. Re:Won't take off, but may Rip You Off by icebike · · Score: 4, Insightful

    Drug Deal!

    Except Drug Dealers don't keep Bank Accounts. Its a cash and you are carrying business.

    This requires you to give Square Your debit card info, and makes your recipient give you THEIR bank details.
    Seriously, the NSA couldn't have dreamed up a move invasive scheme. What could possibly go wrong with that?

    Left unsaid in the linked article, (and also the Square website) is how square is going to monetize this, other than by
    *cough* losing one out of a hundred payments. They claim the service is free. FAQ Here to both parties. So, how do they finance that, other than getting a piece of the debit card fee? (Senders have to use a Debit card).

    One wonders just how much the debit card fee is jacked up to allow Square to assume the risk for this type of service, and handle the deluge of complaints and lost payments claims. And how many will be suckered into handing over their bank info to a 419 email purportedly from Square.

    World Plus Dog is rushing to mobile payments, but I'm not so sure this is well thought out.

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    Sig Battery depleted. Reverting to safe mode.
  5. Training users to click on links in their inbox by Floyd-ATC · · Score: 5, Insightful

    How many times must people be hit in the head with a clue bat before they understand that this is a Bad Idea[tm]

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    Time flies when you don't know what you're doing