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Ben

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#55062 8-Dec-2006 21:52
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Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.


tonyhughes
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  #55063 8-Dec-2006 21:58
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Ben: Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.


Why wouldl they need to shut down the service and have people reactivate their wallets for a name change? I just saw the latest computerworld today with a story by Juha Saarinen about my uncovering of the gaping security holes, then tonight their service goes down on planned outage and they notify every customer?

I smell a PIN number or password coming...







 
 
 
 


barnaclebarnes
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  #55074 9-Dec-2006 00:11
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Ben: Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.




The service is now run under ASB's parent company as there were some terms around issuing a prospectus that a real bank didn't have to do. They have refunded everyones money in their wallets so you have to re-transfer money from your link account. Seems like someone screwed up the technicalities.

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  #55078 9-Dec-2006 06:42
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barnaclebarnes:
Ben: Ok this is heresay, but apparently it's nothing to do with security, but rather a name change.




The service is now run under ASB's parent company as there were some terms around issuing a prospectus that a real bank didn't have to do. They have refunded everyones money in their wallets so you have to re-transfer money from your link account. Seems like someone screwed up the technicalities.


I just looked on their website now and can't find any reference to the outage or changes. This system seems even dodgier as it goes along.


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  #55079 9-Dec-2006 06:44
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Here it is when you log on:



Important Notice

Due to a legal technicality* the pago service is now being provided by ASB Bank Limited. This will in no way affect the way pago works for you.

As a pago customer, here are the key things you need to know:

  • To continue using pago you will need to accept new pago Terms and Conditions with ASB Bank Limited. To do this, click the NEXT button below and follow the instructions.
  • You will see these Terms and Conditions are virtually the same as those you agreed to when you first registered with pago Limited.
  • You will also see that we have already repaid the balance in your wallet to your chosen Link account. We are required to repay you by law.
  • We apologise for this inconvenience. Once you have accepted the new pago Terms and Conditions with ASB Bank Limited, you'll get $5 for your pago wallet - on us!
  • You may then wish to top up your pago wallet.

If you have any questions, please phone the Contact Centre on 0800 GO PAGO (0800 467246).


* Registered banks have an exemption under the Securities Act, which means they are not required to issue a Prospectus and have a Trust Deed for the type of activity previously undertaken by Pago Limited. Pago Limited is not a registered bank and does not have the benefit of this exemption. With ASB Bank Limited providing the pago service, this exemption now applies.


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  #55081 9-Dec-2006 08:14
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!

Good grief, that was fast!

(Posted too soon... continued)

One of the questions I had was around the banking side of things with Robins insisting that pago was not a bank. So it's a bank now then?




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  #55083 9-Dec-2006 08:39
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juha: !

Good grief, that was fast!

(Posted too soon... continued)

One of the questions I had was around the banking side of things with Robins insisting that pago was not a bank. So it's a bank now then?


I guess it shows the level of competence within the company. Create a concept and launch it that that it's not a "bank" to avoid many of the implications of being a bank to find out a few weeks later that you're breaking the law not operating as a bank...Looks like they need a new legal team as well.

At least I might get my $1 back now I'm quite excited.




 
 
 
 


barnaclebarnes
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  #55085 9-Dec-2006 09:15
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sbiddle:

...Looks like they need a new legal team as well.



I hope not, the lawyer is one of my friends! I'm sure there is more behind it than what is being shown to the public although I do think they could have handled the objections more transparently and be a bit more 'Cluetrain' about it.


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#55119 9-Dec-2006 19:47
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This is a joke, right? On the page about security:

When you log out of pago we will delete the pages from your computer's cache (the place on the hard drive used to temporarily store stuff so that web browsing is faster). This will make sure the next person who uses your computer won't be able to see any of your personal information or wallet details that could be stored by your browser on the hard drive.


External servers cannot delete files on your computer. Some browsers have the option to not cache SSL encrypted pages though. They can delete cookies, but that's about all.

We have designed pago to be as secure as we can while keeping it easy and convenient for you to use. This has led us to develop features like daily payment limits and confirmation messages. You also need to do your part to protect your wallet. This means observing a few simple rules like making sure you suspend your wallet before lending your phone to anyone else and keeping your password a secret.


What about adding a PIN as a second authentication factor? This would eliminate the need of "suspend you wallet before lending your phone to anyone else".





 

 

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juha
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  #55122 9-Dec-2006 20:15
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This looks like a follow-up story :)




cokemaster
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#55163 10-Dec-2006 18:38
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This may be a bit off topic but mTopup (which is a service offered by Telecom/ASB bank to prepaid customers), has an password requirement when sending away for top up requests.

How to Top Up:

Step 1

Simply send the word 'topup' and your password, i.e. "topup password123" to 3381

Step 2

You'll receive a text message confirming your top up, and your new balance e.g. $21.00




Now, mTopup doesn't have all the functionity of Pago... however it certainly shows that it isn't a new concept and that it works.




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#55211 11-Dec-2006 14:22
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Is there any further news on the security of Pago? Was thinking about calling Marcus and cahtting to him about marketing his product...buttttt after reading about all the security issues here on geekzone I am a little hesitant to back a company that isn't protecting its most important asset - it's customers.

Any thoughts are much appreciated.

sbiddle

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  #55219 11-Dec-2006 15:15
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There was a story about Pago on ASB Business this morning.

The story was obviously done earlier last week as it made it quite clear that Pago was not a bank - now Pago is a bank! :-)

I just can't see why TradeMe want to get involved in such a dodgy scheme. If you want to receive money you need a NZ bank account and to send money you need a NZ bank account. Internet bank pay anyone serves this purpose, Pago simply adds another delay while the buyer has to xfer money into your Pago account and the seller then has to transfer it to their account. If you could register a credit card (like PayPal) the service would be a lot more useful but with the obvious security flaws I certainly won't be using the service even thought I did sign up to play with it.








Ben

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  #55221 11-Dec-2006 15:19
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It's really unfortunate that a system with such poor security has been launched so hard. If they did a quiet public beta they might have discovered some of the issues and sorted them out before pushing hard on the expensive marketing.

New Zealand desperately needs a PayPal-alike, but this is not the solution.

barnaclebarnes
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  #55222 11-Dec-2006 15:25
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sbiddle:

I just can't see why TradeMe want to get involved in such a dodgy scheme. If you want to receive money you need a NZ bank account and to send money you need a NZ bank account. Internet bank pay anyone serves this purpose, Pago simply adds another delay while the buyer has to xfer money into your Pago account and the seller then has to transfer it to their account. If you could register a credit card (like PayPal) the service would be a lot more useful but with the obvious security flaws I certainly won't be using the service even thought I did sign up to play with it.









pago speeds up the process as it is an instant transfer. Most NZ banks are not realtime so you have to wait until the next business day to find out if the money has been deposited into the account. pago solves this problem by offering that instant gratification for 30 cents. Properly integrated into Trade Me it should make selling items far easier as you could manage the enitre transaction inside the TM interface and not have to check bank statements, etc.

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