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PSA: Google Wallet vulnerable to 'brute-force' PIN attacks (update: affects rooted devices)
Security hounds over at zvelo have discovered a vulnerability in Google Wallet that means your precious PIN can be "easily revealed." Digging through the app's code and using Google's open resources to reveal its contents, they uncovered a piratical treasure trove of data: unique user IDs, Google account information, and the PIN stored as a SHA256 hex-encoded string. Since this string is known to carry four digits, it only takes a "trivial" brute-force attack involving a maximum of 10,000 calculations to decode it. To prove their point, the researchers made a Wallet Cracker app -- demoed after the break -- that does the job quicker than you can say "unexpected overdraft."Google has been receptive to these findings, but its attempts at a fix have so far been hampered by the need to coordinate with the banks, since changing the way the PIN is stored could also change which agency is responsible for its security. In the meantime, zvelo advises that there are some measures users can take themselves, aside from putting a protective hand over their pockets: refrain from rooting your phone, enable your lock screen, disable USB debugging, enable Full Disk Encryption and keep your handset up-to-date.Update: Google has responded by emphasizing that it's only users of rooted devices who are at risk. In a statement to TNW it said: "We strongly encourage people to not install Google Wallet on rooted devices and to always set up a screen lock as an additional layer of security for their phone."[Thanks to everyone who sent this in.]
T-Mobile brings Square to select small businesses, does the mobile payment thing
T-Mobile is throwing some of its weight behind the mobile payment movement this morning, becoming the first carrier to offer Square credit card readers to a handful of retail outlets. Under the company's new campaign, stores equipped with T-Mobile smartphones will be able to use Jack Dorsey's readers to finalize transactions from the comfort of their palms. This should come in handy for cash-only businesses, in particular, as T-Mobile emphasized in its announcement today. It's all part of the provider's lineup of small business offerings, though not every retailer will be involved at launch. To see the full list of Squared-up outlets, check out the source link below.
Investors eyeing Tim Cook's management of Apple's cash horde
Every three months Apple announces its quarterly earnings, and we see the company's huge pile of cash grow to increasingly awe-inspiring heights. Like clockwork, a day or two after the earnings announcement comes calls for Apple to give some of that money back to its shareholders in the form of dividends. Reuters claims that these calls for dividends are getting louder, and some investors are getting restless. Apple's US$98 billion cash horde is so big that it represents a value of $104 per share, a big slice of the current $444 per share stock value. Several Wall Street analysts are convinced that Apple will pay a dividend to investors in 2012, but they say that every year. Apple has not paid dividends on its stock since 1995, and Apple CFO Peter Oppenheimer has stated that the money isn't burning a hole in Apple's pockets. CEO Tim Cook and Oppenheimer revealed that Apple is actively looking at what to do with its money, but neither of the executives would commit to a firm comment on the company's intentions. One major stumbling block is that most of Apple's cash is tied up overseas -- $64 billion of its $98 billion. Repatriating that money to the US would subject it to a 35 percent tax, skimming over $22 billion off the top... something that Apple has lobbied against. Within the next few days I predict we'll see another wave of posts predicting huge company acquisitions -- finish your drink if you see "Apple could buy Facebook" in your RSS reader before the end of the week. That's also an unlikely scenario; Apple has a history of buying smaller companies that aren't already household names, and it usually only drops a few billion dollars in the process. Much like the iPad cannibalizing the Mac, I suspect Apple's executives see the company's cash stockpile as a nice problem to have. It affords the company a great deal of flexibility; Apple could make zero dollars in revenue for the next seven straight years and still be able to sustain its current operating expenses. With dividends and major acquisitions likely out of the picture, there's no way of knowing what Apple intends to do with its money... though I have my own loony ideas about that.
What's Apple going to do with $97 billion in cash?
During its earnings conference call, Apple confirmed the company is sitting on a treasure chest of US$97.6 billion. This stack of cash is steadily growing, up from $81.6 billion at the end of the September quarter. With all that money in the bank, you can't help but wonder... what's Apple going to with it all? Rather than sitting idly in the bank, Apple said it's "actively discussing the best use of its cash," which could be a hint it's looking at strategic acquisitions. Neither CEO Tim Cook nor CFO Peter Oppenheimer would comment specifically on any acquisitions or what other plans Apple had for this cash. The only straight answer was that Apple, in the past, has spent its cash wisely and will continue to spend it wisely in the future. Apple has a long history of quietly acquiring companies and adding their talent to Apple's hardware and software teams. In past few years, the company has acquired mapping company Placebase, 3D-map maker C3 Technologies and online music service LaLa. It recently scooped up voice control software Siri and flash memory maker Anobit. If Apple does use some of its reserves to acquire new technology, which company will be next? Besides improving its Numbers app, what else could Apple do with its money?
GameStop iOS trade-ins a big success
GameStop recently started taking trade-ins on iOS hardware, and it turns out the decision was a great one for the company: President Tony Bartel said in a statement that the program "has exceeded our expectations," especially citing lots of post-holiday traffic, as people bring in their old iPhones and iPads to clear them out of the way for newer models received as presents. GameStop will reportedly pay out up to $300 for iPhones and $400 for iPads, but of course those prices are for the highest-end and latest models. Odds are that you'll get significantly less for an older model or one with no 3G or less RAM flash storage. But it is interesting to hear that GameStop is seeing lots and lots of devices come in. Unfortunately, they didn't share actual numbers, but I'd argue that there are plenty of other places to get rid of iPhones and iPads -- I've sold my old devices on Craigslist, and just over the Internet to friends and even family. Then again, maybe some people prefer just walking into a GameStop and walking out with store credit or cash. This may be a trend to watch in the new year -- as Apple releases more iterations of their various mobile devices, we'll undoubtedly see more markets like this pop up for older versions and used items.
Sony Ericsson to become Sony in mid-2012
Sony and Ericsson's decade-long partnership may have humbled Kim Kardashian, but dwindling market share and an over-reliance on feature phones signaled the end of the affair. Ericsson will have until "mid 2012" to clear its things from the spare room before the electronics giant begins a new solo venture. The revitalized enterprise will leverage its parent company's brand strength, R&D and content (since it owns a massive chunk of the entertainment industry) and in comments made to Times of India, company Vice President Kristian Tear said there would be a "fierce" advertising push to restore the company's reputation as a major player worldwide -- before taking a Pilates class to try and fit back into its bachelor pad.
NetSecure Kudos Payments announced for Canada, is the half-circle to Square
Canada may be moving to polymer-based currency, but mobile payment services like Square -- which cater to classic plastic -- haven't yet taken time to trek to the Great White North. NetSecure is looking to offer similar convenience to the region with its new Kudos Payments service, which just so happens to ship with a shockingly curvy swiping dongle. Similar to Square, it creates a secure 'point of sale' without a hard-wired transaction terminal, and charges a slightly higher 2.9-percent fee to users' accounts for each exchange. Kudos has iOS, Android, and Blackberry apps to tap into the functionality and, even a version for Mac and PC -- in other words, you and yours should be suitably covered. Any roving entrepreneurs who are interested in the service will be able to snag the $49.99 kit free of charge from the company's website for a "limited time," which may or may not expire before Google decides to open its own Wallet a few miles kilometers north.
Zoosh does mobile payments using ultrasound, no NFC chip required
Zoosh. That may or may not be what an ultrasonic payment sounds like to a dolphin, but it is definitely the name of a new mobile wallet technology developed by Silicon Valley start-up, Naratte. While Google and other major players have focused on traditional radio-based NFC, Naratte has been quietly testing its ultrasound system instead, motivated by the fact that it can work on ordinary handsets without the need for specialized NFC circuitry. Two phones can "zoosh" each other using nothing but their built-in microphones and speakers, so long as they're both running the necessary app. Moreover, Naratte claims that cash tills can be upgraded to hear the sweet jangle of ultrasonic cash for just $30 -- around a third of the cost of installing radio-based NFC hardware. So who knows? The last time you came this close to ultrasound was probably just before you were born, but one day you might find yourself using it to buy diapers. Scary.
Gamigo doubles down to celebrate its 10-year anniversary
Birthdays are usually a time when you get to have more things for yourself -- people bring you cake and presents while letting you act more or less however you want. But Gamigo is turning that formula on its ear just a bit. The publisher of several free-to-play games (such as Black Prophecy and King of Kings 3) is celebrating its 10th anniversary by giving away some bonuses to players, starting with a chance to get twice as much in-game money. While each individual game will be getting some more specific promotions in the coming days, every 10th player who purchases money from a game's cash shop will receive double the amount purchased. It's a decent chance to double the size of your in-game wallet at no extra charge, although the promotion is only running for the next 10 days. If you'd had your eyes on a big purchase lately, now might be the time to put down the money -- you just might get lucky.
Reuters: a failed takeover of T-Mobile would cost AT&T as much as $6 billion
AT&T's proposed acquisition of T-Mobile was a big deal as soon as it was announced, but now Reuters has unearthed some more context to lend it even more cruciality. We already knew that in the event of AT&T&T-Mobile failing to garner regulatory approval, AT&T would owe Deutsche Telekom, the current owner of T-Mo USA, $3 billion in cash, some spare AWS spectrum, and a roaming agreement "on terms favorable to both parties." Reuters' sleuths say that the spectrum in question is worth $2 billion and the roaming deal a further $1 billion, bringing the total breakup payout to a hair-raising $6 billion. Given the wording of the two companies' deal, we don't expect the roaming part of that settlement would be free for T-Mobile (so $6b looks to be a bit of an over-estimation), but the fact remains that AT&T is staking a whole lot of moolah on this takeover going through. Whether it does or not, Deutsche Telekom's René Obermann (above left) looks assured to still be laughing this time next year -- but will the same be true of AT&T's Randall Stephenson?
Wheego needs more cash to produce LiFe EVs, 'living hand-to-mouth' for now
Oh, how the winds of fortune can swirl. Just a few weeks after finally selling its first LiFe electric car to a happy couple in Atlanta, Wheego appears to have suddenly fallen on hard financial times. Very hard times. Speaking to Automotive News, CEO Mike McQuary claimed that his startup's coffers are bare enough to jeopardize future production of Wheego's flagship, battery-powered two-seater: "My constraint is primarily capital. We'll be living hand-to-mouth as we try to get the first cars built. The next 200 will creep out as we raise money." McQuary didn't say how far behind schedule Wheego is at the moment, but part of the problem seems to be finding enough money to buy parts for its $32,995, 100-mile range EVs. The company's plant in California was supposed to produce 200 vehicles a month starting in January, in the hopes of eventually churning out 60,000 a year. Those plans, however, were soon derailed, due to unexpectedly delayed approval from the National Highway Transportation Safety Administration -- a setback that also hurt the company's capital raising campaigns. The company is hoping to raise some $15 million with the help of a VC firm in Connecticut, but until it does, Wheego may not be going anywhere.
Apple could survive on current cash alone until 2018
During the 2Q 2011 Apple Results Call last Wednesday, we listened with rapt attention as the number for "Cash and Cash Equivalents" figure was announced. The number, as you may recall, was US$65.8 billion. One question that many of us always ask is "What could Apple do with that money?" Asymco analyst Horace Dediu always provides fascinating insights, and in a post yesterday he not only did a breakdown of the sources of that cash, but did some comparisons just to show how huge the cash stash is. The pile of simoleons is made of "only" $15 billion in cash, about $14 billion in short-term marketable securities, and the rest -- about $37 billion -- in long-term marketable securities. Dediu's comparisons are staggering: If Apple's revenue stream was cut off today, the company could sustain operations (research and development, sales, general and administrative expenses) for seven years Apple's folding money is worth half of Google's enterprise value Those funds place Apple's CFO office into the top 100 of fund managers in the world, bigger than any hedge fund manager The cash growth in the last quarter was higher than the market capitalization of many companies. What's really amazing is that the rate of growth of Apple's hoarded lettuce appears to be increasing. What do you think Apple should do with all of that cash? Leave us your ideas in the comments. [via The Apple Investor]
Apple lays out $11 billion in purchase commitments
Many out there think Apple should go on an acquisition spree with its $65.8 billion in cash. Others think that Apple should issue a dividend to its shareholders. I tend to agree with the first line of thought (especially when it comes to buying patent portfolios), but at this moment in time, it's good that Apple has been sitting on all that cash on hand. As All Things D points out, Apple has upped its purchase commitments an astounding 39 percent to $11 billion. The increase in purchase commitments will allow Apple to secure supply chain investments, such as critical components for the iPad 2 and future iPhones. Demand for hot components, like flash memory and touchscreens, has soared in recent years thanks to the glut of smartphones hitting the market. If any company wants to stay ahead, it needs to make sure that it can actually build any killer products that it comes up with. This is where Apple's massive amount of cash comes in handy. When shortages do occur, such as what happened after the Japan tsunami, Apple doesn't have to mess around with securing loans to lock down components. As Tim Cook said at Apple's financial conference call last week, "The iPad has the mother of all backlogs, but we're working very hard to get [it] out to customers as quickly as we can." Having all that available cash on hand will enable Apple to keep up with demand where other, "poorer" tech companies may not be able to.
Apple spent nearly $5.7b on Samsung parts in 2010, faces 'strong' response to its patent suit
Want some numerical context to last night's revelation that Apple is suing Samsung Electronics for copying the iPhone and iPad? How does $5.7 billion sound? That's how much Apple spent on buying up parts from Samsung last year, according to the AFP, which cites the Cupertino company as Samsung's second-biggest client after Sony. Given the breadth of Samsung's component manufacturing, these expenditures can and probably do span everything from flash storage and RAM to processing chips to displays. What's fascinating here -- and illustrative of the psychopathic nature of corporations -- is that in spite of this massive interdependency, Apple's lodged a broadly worded patent assault on a major prong of Samsung's business (smartphones and tablets) and now Samsung's been quoted as saying it has "no choice but [to] respond strongly." A company official has apparently expressed the belief that Apple may be infringing on some of Samsung's wireless patents, which means we can probably look forward to another fat batch of papers being submitted to the Northern District of California court. Lovely.
Canada to introduce recyclable, polymer-based 'plastic cash,' dragons and PC users rejoice
See that guy right there? His world is ending. Dragons are swallowing his neighbors, snatching his peoples up. Rather than make an effort to hide his kids, hide his wife or hide his husband (too), he's celebrating uncontrollably. Why? Because his homeland is preparing to make the shift to plastic cash. You heard right -- Canada is scheduled to introduce a polymer-based $100 bill in November, and in March of 2012, a recyclable $50 bill will follow. From there, smaller notes will be phased in over the next dozen months or so, providing citizens with legal tender that holds up better to Yellowknife's winters. Sure, Australia has been doing something similar for over a decade, but have you ever seen a DinoPark Tycoon rise up and use only non-digestible money? Exactly.
World Bank report finds selling virtual goods in games more profitable than 'real' economy
A report commissioned by the World Bank's infoDev unit has cast fresh light on one of the more fascinating aspects of our brave new interconnected world: the virtual economy. The "third-party gaming services industry" -- where wealthy but impatient players have someone else grind away at online games for them in exchange for monetary reward -- is one of the focal points of the study, chiefly owing to it having generated revenues in the region of $3 billion in 2009 and now serving as the primary source of income for an estimated 100,000 young folks, primarily in countries like China and Vietnam. What's encouraging about these findings is that most of the revenue from such transactions ends up in the country where the virtual value is produced, which contrasts starkly with some of the more traditional international markets, such as that for coffee beans, where the study estimates only $5.5 billion of the $70 billion annual market value ever makes it back to the producing country. The research also takes an intriguing look at the emerging phenomenon of microwork, which consists of having unskilled workers doing the web's version of menial work -- checking images, transcribing bits of text, bumping up Facebook Likes (naughty!), etc. -- and could also lead to more employment opportunities for people in poorer nations. To get better acquainted with the details, check the links below or click past the break.
Hacker nets two years in jail after pilfering £7 million in virtual poker chips
Crime, it just doesn't pay. Well, actually it does, to the tune of £53,612, but then you get caught and you have to work off that salary with two years at Her Majesty's pleasure. One Ashley Mitchell, an enterprising 29-year old from Devon, England, managed to break into Farmville maker Zynga's mainframe, hijack the identities of two of its staffers, and procure for himself a cool £7 million ($11.4m) in virtual poker chips. He then proceeded to sell about a third of them for the above sum, while consuming a big chunk of the rest in satisfying his own gambling habit. Ashley already had a history of digital malfeasance, having previously hacked into the systems of Torbay Council, his former employer, and is now on the receiving end of a two-year prison term for his current crime plus the activation of a 30-week suspended sentence. There's a warning in this tale of woe for us all, however -- Monsieur Mitchell piggybacked on his neighbors' unsecured WiFi networks in order to do his dastardly deeds. Slap a password on that router, won't you?
OpenFeint and The9 will stimulate devs to port their games to Android with cold hard cash
Are you a developer seeking the widest and most profitable distribution for your mobile software? The traditional platform for achieving such goals over the past couple of years has been Apple's iOS, but Android's rabid ascendancy has recently turned that into a legitimate question. A question that OpenFeint is looking to sway even further in Google's favor by announcing it will fund the porting of games from "other app stores" to Android with the help of Chinese online game operator The9. The specially selected games will of course get saddled with OpenFeint integration and the whole effort does have the waft of a publicity grab to us, but hey, it's another few pennies thrown into the bottomless well known as "Android gaming." Surely something worthy will eventually come out of it, no? [Thanks, Calvin]
LookTel's Money Reader iOS app helps the visually impaired count money
We may not use cash as often as we once did, but there are still times when it comes in handy or is necessary, and that can pose some problems for the visually impaired. They now have one other possible solution courtesy of LookTel, however, which has just released its new Money Reader app for iOS devices. Using a "patented and proprietary object recognition technology," it's able to recognize paper bills (from $1 to $100) instantly, and simply speaks the value aloud. What's more impressive, though, is that you don't need to hold the bill steady in front of the camera, or even have the whole thing in the frame -- even just thumbing through a stack will work. See for yourself in the video after the break, and hit up the App Store to grab it now for $1.99.
TUAW's Daily App: Cashish
Whenever we TUAW bloggers all get together, we tend to pass around our favorite iPhone apps of late, and this week at Macworld has been no exception. Last year at WWDC, Victor Agreda recommended Taxi Magic, and this year at Macworld, our own Mike Rose told me about Cashish, a financial app with about as narrow a purview as they come. The idea of Cashish is that it tracks your available cash, as simply and as quickly as possible. You may think it's not too necessary to use a whole app to keep track of what's in your pocket, but Cashish not only tracks what's there, but what goes out and where it goes to as well. Every time you spend some cash, you can track how much it was (the app wisely doesn't get involved in the details and just sticks to whole dollars), assign it to a category, and the app will help you monitor your spending over the last week or month. If you (like me) often pull out money and then wonder just where it goes off to, Cashish will help you figure that out -- and maybe even make sure you stay a little more judicious when dropping the dollars. Plus, it's completely free, so you won't have to drop even a single penny on it. Excellent little app -- it's very focused on just the one task, but it does that one task quite well.
