To me this says more about credit card security being terrible than it does about square. After my credit card got skimmed a couple of times, I looked into how

To me this says more about credit card security being terrible than it does about square. After my credit card got skimmed a couple of times, I looked into how easy it is. For a few hundred bucks you get a magnetic strip reader / writer and you're in business cloning cards. The hacks they mentioned: - Read data from a card with a square reader. Whoop dee doo... a square reader has to do that to process a transaction. They are just capturing that outside of the app? - Extract the cash from a gift card - Afaik, there's nothing nefarious about this. I had a gift card for $500... paid the processing fee to square and got the cash in my account. Great hack - Process a transaction without the physical card - You can do that already in square, it just costs you more. It doesn't make it easier to commit fraud IN square. You still need a tax id / social security number to set up an account. And you need to have a bank account connected. Really, what it makes it easier to do is to skim credit card numbers. And this is nothing to do with square and everything to do with credit card security.