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Original author: 
Adrianne Jeffries

Atm_robbers_large

Defendants Elvis Rafael Rodriguez and Emir Yasser Yeje posing with approximately $40,000 with cash. Source: US Attorney, Eastern District of New York

If you’d been waiting for the ATM inside the deli at East 59th and Third in Manhattan on Tuesday, February 19th around 9:24PM, you would have been annoyed. A young man in a black beanie and puffy black jacket made seven withdrawals in a row, stuffing around $5,620 into his blue backpack. The man wasted no time. He exited the deli and headed up five blocks to repeat the process at four more ATMs, finishing his route at a Chase bank at 69th and Third at 9:55PM, where he made four withdrawals totaling $4,000.

While the man in the black beanie was beelining along the Upper East Side, seven...

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Original author: 
Dan Goodin

Wikipedia

Federal authorities have accused eight men of participating in 21st-Century Bank heists that netted a whopping $45 million by hacking into payment systems and eliminating withdrawal limits placed on prepaid debit cards.

The eight men formed the New York-based cell of an international crime ring that organized and executed the hacks and then used fraudulent payment cards in dozens of countries to withdraw the loot from automated teller machines, federal prosecutors alleged in court papers unsealed Thursday. In a matter of hours on two separate occasions, the eight defendants and their confederates withdrew about $2.8 million from New York City ATMs alone. At the same times, "cashing crews" in cities in at least 26 countries withdrew more than $40 million in a similar fashion.

Prosecutors have labeled this type of heist an "unlimited operation" because it systematically removes the withdrawal limits normally placed on debit card accounts. These restrictions work as a safety mechanism that caps the amount of loss that banks normally face when something goes wrong. The operation removed the limits by hacking into two companies that process online payments for prepaid MasterCard debit card accounts issued by two banks—the National Bank of Ras Al-Khaimah PSC in the United Arab Emirates and the Bank of Muscat in Oman—according to an indictment filed in federal court in the Eastern District of New York. Prosecutors didn't identify the payment processors except to say one was in India and the other in the United States.

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Gretchen from Mean Girls.

SNL Studios

The 2004 film Mean Girls is a modern-day masterpiece, and I have been thinking about it constantly at Mobile World Congress (MWC) this week, because everywhere I turn, I feel that technology companies are channeling the spirit of Gretchen Wieners.

As part of the Plastics clique, Gretchen tried desperately to make fetch the Next Big Thing. "That's so fetch," was the ultimate in praise, to be used only to describe the coolest of the cool. Just as Queen Bee Regina George had to put Gretchen in her place and bitchily tell her, "Stop trying to make 'fetch' happen. It's not going to happen," I think that the technology companies need to be told the same.

Stop trying to make "NFC" happen. It's not going to happen.

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mobile wallet app

Giesecke & Devrient (G&D), the German firm behind the nano-SIM, is proposing a "comprehensive" cross-platform mobile wallet solution. Named SmartTrust Portigo, the solution requires users to download a dedicated app that will interact with a secure hardware element — one of G&D's nanoSIMs, for example — before interfacing with carrier-side software from various service providers, such as banks. At present, the standard is centered around NFC as the primary payment method, but G&D says that the system would work with other standards; what's more important is the process and backend.

Although it sounds like yet another competing standard in the crowded mobile payments market, G&D isn't trying to compete with the likes of VISA or...

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scam_lead

On a warm summer day in 2002, in Charlevoix, Michigan, Richard Joseph’s bad luck began. The lawyer, husband, and father of two was walking across the driveway with a bag of garbage when his bare foot slipped in a puddle of water that had collected beneath his car’s air conditioner. His leg gave out and he landed on his back. While nothing was broken, the blow prevented blood from reaching his spinal cord. He laid there for an hour, unable to move, while his daughters watched television in the living room. By the time he was discovered, the damage had been done. He'd never walk again.

Eventually, Joseph would make it back to work at his law firm, although he couldn’t keep up his old pace. By August 2007, complications prevented him...

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StormDriver writes "According to writer Marc Prensky, most of us come from a generation of digital immigrants. It basically means the modern web developed during our lifetime, it is a place we migrated to, discovering its potential. But people aged 20 and younger are not like that at all. They are digital natives, they've spent their whole lives here. 'Hey, let's do a digital version of our college facebook' is a digital immigrant's idea, just like 'Hey, let's make something like a classifieds section of a newspaper, only this one will be online.' Or 'Hey, let's make an online auction housel.' 'Hey, let's make a place for online video rentals.' The thing is, recreating items, ideas and interactions from the physical realm on the Web already ran its course." To me, this sounds like the gripe that "Everything that can be invented, has been invented." There are a lot of real-life services and experiences that have yet to be replicated, matched, or improved upon in the online realm; I wouldn't want people to stop taking inspiration from "old fashioned" goods as starting points for digital products.


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natecochrane writes "Father of the web Sir Tim Berners-Lee called for Americans to protest SOPA and PIPA, laws he says violate human rights and are unfit for a democratic country. Sir Tim's condemnation came on the day an editorial in Australia's leading broadsheet newspapers pointed out that although the laws ostensibly applied to U.S. interests they could overreach to impact those in other countries."



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