money

Android app secretly mines for Dogecoin, FTC not amused

Android app secretly mines for Dogecoin, FTC not amused

When you say your app is free of malware but does exactly the opposite, you aren't just lying, you could also be committing a crime. That is exactly what Prized app developers Equiliv Investments and Ryan Ramminger learned the hard way when they were slapped with an FTC complaint because their app actually used infected smartphones to help the developers mine for cryptocurrency like Dogecoin. The defendants wisely decided to settle out of court, which included a monetary judgment of $50,000, which is no small amount for someone desperately hunting for digital currency.

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China debuts world’s first ATM with facial recognition tech

China debuts world’s first ATM with facial recognition tech

It's not all that often that technology "firsts" come out of China, but here is an interesting one. A technology company has built the world's first ATM to rely on facial recognition technology for security. The machine is described as only letting users withdraw money from their accounts if a scan of their face matches with the data stored on their bank card. It's certainly a unique twist on preventing banking fraud, but it's still far from being proven foolproof.

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Wocket Smart Wallet to start shipping pre-orders in May

Wocket Smart Wallet to start shipping pre-orders in May

Almost all mobile payment systems, perhaps except for Samsung, have one critical flaw. Most of them require the use of new NFC-enabled terminals to work. But what if you only have access to ye olde magnetic stripe PoS? What if you're stuck with old fashioned swiping systems but still want to benefit from the conveniences of the modern world. Enter Wocket, advertised to be the only wallet you'll ever need. Why? Because it can absorb all the cards you have in your wallet right now and even have spare room for physical cash.

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Board member spills the beans: Bitcoin Foundation is bankrupt”

Board member spills the beans: Bitcoin Foundation is bankrupt”

If you thought that the drama surrounding the hot and yet controversial cryptocurrency is over, think again. As one of his first acts as a newly elected Bitcoin Foundation board member, Olivier Janssens revealed the rather dismal financial situation the foundation is in, which has been kept secret from is members. While it doesn't technically affect Bitcoin itself, being the primary public face of the currency, it could still cause loss of confidence in the entire system. Especially when the previous founders of the foundation have all but disappeared or are equally mired in controversy.

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Facebook Messenger adds money sending feature

Facebook Messenger adds money sending feature

If you're a Facebook user, there's a good chance you access the social network primarily through your mobile device -- and that you're likely friends with your real-life friends, making Facebook Messenger a convenient way to call or message someone. Facebook wants to extend the usefulness of its Messenger service, however, and it'll be doing so by adding a money-sending feature. Such functionality won't be arriving for every user today, but when it does arrive it'll be a simplistic way to send someone cash.

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Smartphone cash withdrawals set to fight card fraud

Smartphone cash withdrawals set to fight card fraud

Technologies like LoopPay, which tries to combine traditional payment methods or equipment with more current smartphone technology, is inspiring people to take a second look at the whole mobile payment proposal. The next big movement might come from ATM withdrawals. BMO Harris Bank, a unit of Canada's Bank of Montreal, will try to do just that in the US, allowing users to make cash withdrawals without even having to put in a card. All they need is their smartphone and, of course, an app.

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The remainder of Silk Road’s bitcoins have been sold

The remainder of Silk Road’s bitcoins have been sold

Remember the trove of bitcoins nabbed from the illicit underground market Silk Road? The US Marshals have been slowly auctioning them off in batches, something we've been reporting on over past months. The end of this week saw yet another bitcoin batch auction, but it was more notable for one big reason: it was the last of them. The auction took place on March 5 starting at 8AM, with registered bidders being able to email in bids for a batch of 50,000 bitcoins (split up into smaller blocks). Who bought the digital currency has not been revealed.

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Spot.me Apple Pay to Android app can pose a security risk

Spot.me Apple Pay to Android app can pose a security risk

For all their advertised benefits, these rising mobile payment systems are pretty much walled gardens of their own. But what if you wanted to use that fancy new wireless system to pay, not just a merchant, but a friend? There's a new app on Android that proposes to do just that and it even lets Apple Pay users join the game. But while Spot.me sounds like a really neat and social thing, it might actually be more trouble than it's worth from a security point of view.

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Indiegogo Insurance Perk offers a refund for failed products

Indiegogo Insurance Perk offers a refund for failed products

Crowdfunding, be it from Kickstarter, Indiegogo, or any other service, is quite the thing these days, allowing creators and buyers to make their dreams a reality. But not every campaign has a fairy tale ending and a not a few hearts have been broken. Indiegogo, perhaps the second most popular crowdfunding platform, is now testing out a new way to mend those broken dreams, at least by offering recompense and a refund, in case a product is not able to ship within a specified amount of time.

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Ecuadorian government adopts virtual money

Ecuadorian government adopts virtual money

To get things straight immediately, Ecuador isn't making Bitcoin its official currency. In fact, the cryptocurrency, which is just one form of such digital currency, is banned in the country. Instead, Ecuador will be implementing its own electronic money system, formally known as "Sistema de Dinero Electrónico". The digital payment system, according to government officials, will simply be an addition to its own US dollar-based physical money system, but some experts seem to think that the move might have other motives as well.

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