CNN reports that CurrentC, a mobile payment system that is in the pilot phase, has been hacked and the breach raises questions about the security of the system, a rival to Apple’s Apple Pay and Google’s Wallet:
Apple Pay rival CurrentC has been hacked.
The mobile payments app — which isn’t even officially out yet — was created for the sole purpose of getting stores away from credit card fees they pay every time you swipe your card. […]
On Wednesday, those taking part in the CurrentC pilot program received a warning from the consortium of anti-credit-card retailers called MCX, or Merchant Consumer Exchange: The program was hacked in the last 36 hours, and criminals managed to grab the email addresses of anyone who signed up for the program. […]
But MCX is free to share with marketers and other companies the rest of the data it collects: your name, home address, email, phone number and actual location at all times. Aside from payments, the app will also deliver coupons and help stores better track shoppers to target them for advertisements.
Apple doesn’t ask for your Social Security number. Google does. But that information is not passed on to retailers. MCX is itself a consortium of retailers.