Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, marketing, loyalty commerce, security, prepaid, virtual currency, daily deals and the convergence of them all with social and local. The Chief Editor, Randy Smith, was the primary founder, inventor and former CEO of MobilePayUSA, a TechCrunch Disrupt Startup Alley Winner.
The 'Disruptive Innovation Meteor' named MOBILE has struck the world's of retail payments, banking and marketing. Firms wanting to survive, compete and win in this new environment must adapt by embracing disruptive innovation or risk becoming irrelevant or extinct. Read story
Is it all just about having the loudest megaphone? This megaphone being media coverage, a budget for advertising or for growth capital or political swaying contributions. Can big and bold innovation succeed if not introduced by a power brand or resume and big money? And are the incumbents really willing to disrupt their status quo solely in serving the best interest of their customers or citizens? Consumers and citizens lose out because of this prejudice against innovation originated from outside incumbent leaders. If you've read my articles before, you know I'm not out to win a popularity contest (except on behalf of innovation and I already won such a contest at TechCrunch Disrupt in 2010), I'm here to highlight innovation and reveal the barriers against it.
If you think what I'm speaking of has no ground, then stop reading now, but the simple fact is the Target breach and most all card fraud need not exist. The reality is solutions are available to end most card fraud, but the industry, the media and government act as though there are no solutions, other than theirs to end card fraud, which do no such thing. Why do they ignore solutions? Maybe it means they would have to give up control, take on more responsibility for fraud (vs. merchants)? Or perhaps they fear becoming obsolete, irrelevant or losing revenues, investments or contributions?
For those supposed to be protecting our data and transactions or serving us as customers or citizens, they sure have a funny way of showing it. They stick their heads in the sand and pretend they hear nor see anything. This is due to resume or brand prejudice, which is when an idea is bigger than the resume submitting it. This type of thinking influences nearly all decision making in regards to entertaining new big and bold ideas. This theorem is inadvertently (?) backed by the media as they will never even consider publishing a story about a new big and bold innovation without a 'Big' brand, name or money backing it.
You want proof? You will have to swallow your pride by being objective and humble enough to support what you learn without any prejudice. By the way, this is also the path to discovering disruptive innovation. One must first start with the customer and serve them with the best solutions possible, not allowing room for compromise other than restrictions by time or money (if the idea solves a big enough problem, then lack of funding should not be the issue). The best solutions must be embraced lest comprise kicks in, thus watering down or corrupting the firm foundation of the best solution for a problem.
The Target breach or any card breach would be of no real concern if consumers were enabled to turn their cards or accounts on and off like a light switch via mobile or web (MonOff - Turning your Money ON and OFF). This solution and those to prevent ID theft and tax refund fraud are presented at MyCreditVault.com. There are several methods of using multi-factor authentication to end card fraud that have yet to gain great traction: 1) mobile-authenticated devices, 2) Mobile-authenticated location through PayPal's use of BLE or GPS, and 3) PINs, biometric or key chain authentication (Tyfone or perhaps soon from Loop), 4) Out of band purchase confirmation like from SafePay, 5) How about never needing to share card data, not even tokenized card data ever with any merchant to conduct a card transaction (actual credentials securely stored in the cloud). 6) . . .