> Magstripe readers have been within the reach of any reasonably-clever fraudster for a long time. If today a beggar extended his card reader-equipped iPhone t

> Magstripe readers have been within the reach of any reasonably-clever fraudster for a long time. If today a beggar extended his card reader-equipped iPhone to you, would you swipe? If this company takes off, in a few years you very well might. Payment methods which give third parties permanent access to your wallet are bad.