Pago Being Fixed?

I’ve just had a message from Pago:

[quote]

At 9:30pm tonight pago will suspend all pago wallets.  For info and to reactivate your wallet log on to the pago site after 10:30pm.  Thank you.

[/quote]

I presume they’re about to make a fix to the system to improve the weak security issue.

New Zealand’s new Paypal-like system, Pago, has been criticised for being insecure.  Based on a simple text message, users can send money to another mobile phone number or email address.  The key issue is that there is only single-factor authentication, meaning if someone steals my phone, or spoofs my phone number, they can send money out of my account at will.

Update: No such luck. Security still remains poor. The update was to deal with some legal issues surrounding the fact that Pago was not a registered bank, but still dealt with money transactions. If I understand correctly, Pago is now a subsidiary of ASB Bank, rather than a separate company.

[tags]pago, new zealand, security[/tags]

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2 Comments

  1. I look forward to hearing of the first mugging victim who is forced to hand over their cellphone and pago PIN number. At least banks and cashflow machines are generally located in well lit and/or high traffic areas.

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