NFC with modified Digipass Technology to prevent ID Theft, that is the future of Mobile Wallet

RFID (Radio Frequency Identification) is a tagging technology that is gaining widespread attention due to the great number of advantages that it offers compared to the current tagging technologies being used today; like barcodes. Near Field Communication, or more commonly known as NFC, is a subset of RFID that limits the range of communication to within 10 centimeters or 4 inches.
RFID uses radio frequency waves that are either passive, active, or a combination of both. Active RFID tags have a power source that helps extend their range even further while passive devices rely on the energy that it receives from the interrogating device to send its own information. Among the advantages of RFID is the very small size of the tag that made it possible to be used with small products or to be hidden away neatly. Another excellent advantage is that it doesn’t need a direct line of sight for the information to be read. This is very desirable in baggage tracking application where speed is very essential.
RF waves are used to transmit information across very long distances, and RFID is no different. The RF waves can reach very long distances especially when powered. This kind of range is very desirable in certain applications like animal tracking where the animal being tracked might move a couple of kilometers. But this type of range is not desirable in applications like cash cards or passports. Malicious people can receive your information and clone it into another tag and use it for themselves. This is where NFC comes in.

Objects that are tagged with NFC are usually passive because it does not require that much range. Some have even employed shielding to further reduce the chance of other people being able to read the information. The shielding became necessary when it was discovered that even non-powered tags can still be read over 10 meters away with specialized equipment. Currently, some mobile phones are being equipped with NFC so that they can be used as a cash card of sorts since almost all people carry mobile phones anyway.

1.NFC is just an extension to RFID technology
2.RFID is capable of accepting and transmitting beyond a few meters while NFC is restricted to within 4 inches
3.RFID has a wide range of uses while NFC is usually used in cases where security is needed
4.Some mobile phones are equipped with NFC

Two-factor authentication (TFA, T-FA or 2FA) is an approach to authentication which requires the presentation of “two or more” of the three authentication “factors” (“something the user knows”, “something the user has”, and “something the user is”).
Two-factor authentication is commonly found in electronic computer authentication, where basic authentication is the process of a requesting entity presenting some evidence of its identity to a second entity. Two-factor authentication seeks to decrease the probability that the requestor is presenting false evidence of its identity. The number of factors is important as it implies a higher probability that the bearer of the identity evidence indeed holds that identity in another realm (i.e.: computer system vs real life). In reality there are more variables to consider when establishing the relative assurance of truthfulness in an identity assertion, than simply how many “factors” are used.

According to proponents, TFA could drastically reduce the incidence of identity theft, and other  fraud, because the victim’s password would no longer be enough to give a thief permanent access to their information.
Three aspects must be considered for each of the 2 (or more) factors in order to fully realise the potential increase in confidence of authentication:

  • The inherent strength of the mechanism, i.e. the entropy of a secret, the resistance of a token to cloning, or the uniqueness and reliability of a biometric.
  • Quality of provision and management. This has many aspects, such as the confidence you can have that a token or password has been securely delivered to the correct user and not an imposter, or that the correct individual has presented himself for enrollment of his biometric, as well as secure storage and transmission of shared secrets, procedures for password reset, disabling a lost token, re-enrollment of a biometric, and prompt withdrawal of credentials when access is no longer required.
  • Proactive fraud detection, e.g. monitoring of failed authentication attempts or unusual patterns of behavior which may indicate that an attack is under way, and suitable follow-up action.

NFC is derived from RFID technology and will be an intermediately technology, where there is a real threat of Identity theft if your mobile is stolen, the next technology will incorporate a modified version of Digipass Technology, and it will be impossible to steal your identity, not possible to access the encrypted details, neither will it be possible to copy it, with two pass authentication, with gps co-ordinates, it is impossible to use it beyond certain location, everything will be locked in case of fraud, everything is secure even if you lose your phone. – Contributed by Oogle.

    Perpetual bonds = Perpetual debt paid out via coupons

    THERE are major differences between perpetual capital securities and perpetual bonds, and these terms should not be used interchangeably (‘Genting S’pore reaches out to retail investors’, last Tuesday; and ‘Genting may be a sure bet but know risks of perpetual bonds’, last Wednesday).
    A bond is an IOU, and is listed as a liability on the balance sheet of an issuer, whereas perpetual capital securities are accounted as capital of the issuer.
    Also, a bond receives regular coupon payments; perpetual capital securities receive dividends/distributions (at the discretion of the issuer). A missed coupon payment on a bond can result in a credit event or default. In contrast, perpetual securities can afford to miss dividends/distributions without any credit event.
    A bond is ranked above a preference share and, in some cases, has the same ranking as creditors; perpetual capital securities may rank lower than creditors, or in line with preference shares.
    It should also be noted that bonds, preference shares and perpetual capital securities are all plain vanilla or straight instruments and have been in existence for a long time.
    In the case of the various perpetuals that have been issued in the Singapore market in the first quarter of this year, for example, those by Genting and Ascendas, they are not convertible; giving the impression that these products are hybrids is inappropriate.
    A hybrid refers to a product that has equity and bond features, for example, convertible preference shares or convertible bonds. Thus only those securities that have both the characteristics of bonds and equity would qualify as hybrid securities.
    I am unaware of any current perpetual bond issue in the Singapore market, though they may exist elsewhere.
    Mano Sabnani

    Why would someone wants to be indebted for life, to pay out coupons indefinitely unless you have no money and unable to pay back your creditors, creating perpetual bonds has great risks a company needs to undertake to pay out a % of their profits annually, unless their income is perpetual, or you can expect within a lifetime they will definitely default. If I want to buy perpetual bonds, I will make sure the company has means of income for at least 50 years, the company has already set the rules for takeover once the director dies, and the rate of coupon returns justify my investments. If the risks is too high I might as well refuse to invest.
    If I want to create Tier 1 capital, I rather create convertible bonds which pays coupons yearly until maturity, then a fixed value to exchange back my bonds I issue, or if I have not enough capital, to reissue a combination of preference and ordinary shares, depending on how much control I want from my company. If I can create ROI of between 40% to 60% annually, will I have worry about such fuss? Everyone will come to me to invest, I can raise my capital privately without any help from underwriting. Of course if I want to keep some of the profits I can easily offer the highest returns and keep a % for myself. But this methodology is meant for my personal consumption, if I have to raise money for the UN to fund all it’s causes, a 40-60% return will kill me, it is not possible at any rate to raise so much money and give so high a rate of returns, I have many ways and arrangements to solve the funds required by the UN, and I do not have to worry about money anymore. When I get to the UN, the first thing I will do is to stop all privacy of Swiss Bank accounts, there should not be any hidden assets, and therefore no more corruption.
    To raise funds for the UN, I can easily setup a public holding company eg “Perpetual Holdings Public” and use my inventions to raise the following;
    The Brain and Developing Intelligence to raise US$500 Billion using convertible bond with a maturity of 50 years paying a yearly coupon rate higher than the Feds. I could spread my other inventions with 5 years interval to raise US$500 Billion for Intelligent Software likewise and maybe another US$100 Billion for 3D Search Engine with intelligent searches, The Greatest Lie Detector and Principles of The New Economy. That is easily a total of US$1300 Billion with an interval of 5 years each, total 25 years spread all with maturity over 50 years, which is equivalent to my lifetime, where all borrowings can be returned upon completion of all research and projects, and could easily be funded internally by the World Bank and IMF, and should be more than enough for UN needs to solve Hunger and Poverty, Disease and Death with solving Crime for many years. The estimates are very conservative, a lot depends on how many completed products of technologies I and UN can research and bring to the markets, it could be easily 10 times the amount if we include the research in the prevention of diseases. Notwithstanding, I am also capable of modifying technologies to create an entire army of defence equipments for the UN, creating it’s own aircrafts, aircraft carriers and Air Defence Systems etc. I have the capabilities to create intelligent command and control system with automated robotics for defence equipments, everything automated, without human intervention, just press a button.  
    – Contributed by Oogle.

    When Germany goes, you can forget about the EU, everything will return to the Wild, Wild West

    Sunday, May 13, 2012

    BERLIN – Angela Merkel’s conservatives face defeat in a vote in Germany’s most populous state on Sunday that could give the left momentum before next year’s federal election and fuel criticism of the chancellor’s European austerity drive.
    North Rhine-Westphalia (NRW), an industrial state in western Germany with an economy and population roughly the size of the Netherlands, has a history of influencing national politics.
    First exit polls are due at 1600 GMT (12 pm Singapore time) and are expected to show Hannelore Kraft of the centre-left Social Democrats (SPD) trouncing her Christian Democrat (CDU) rival Norbert Roettgen, Merkel’s environment minister.
    The vote is likely to bolster the SPD’s fortunes nationwide and make Merkel, Germany’s most popular politician, look politically vulnerable for the first time in a long while. Kraft, who has run a fragile minority government with the Greens for the past two years, has won over voters by promising a go-slowly approach to cutting NRW’s 180-billion-euro debt, dodging accusations of fiscal mismanagement by the CDU.
    A decisive victory for the SPD would be seen by many as a double defeat for the chancellor – NRW would be rejecting her party and the fiscal discipline she has forced on heavily indebted euro zone countries like Greece.
    The vote in NRW follows elections in Greece, France and Italy that pointed to a growing backlash against austerity.
    Roettgen has declared the vote a referendum on Merkel’s European debt policies. “The election on Sunday also serves to finally give our chancellor full support from Duesseldorf … for her national and European policies,” he told a crowd of 2,000 at a campaign rally on Friday.
    Other conservative leaders have distanced themselves from Roettgen and pollsters say a strong majority of Germans still support Merkel’s insistence on fiscal discipline in Europe, even if they do not want as much austerity at home.
    NRW, home to one in six German voters, is a microcosm of Germany and changes in coalitions there have been harbingers of change for national governments. In 2005, the CDU led a centre-right coalition there to power four months before Merkel was elected with the same constellation in Berlin.
    The latest poll released on Friday put the SPD on 38 percent and the Greens on 11 percent, just short of a majority but well ahead of the CDU and their preferred FDP coalition allies.
    The CDU is polling 33 percent, which would be the party’s worst result in NRW, and the pro-business Free Democrats (FDP) look set to get just 5 percent of the vote. In the NRW election in 2010, the SPD were just behind the CDU.
    “Hannelore Kraft set to win in NRW”, “SPD-Greens on home stretch”, read headlines at the weekend.
    Leaders of the FDP, junior partners in Merkel’s centre-right coalition in Berlin, have sent signals that they might be open to a coalition with the SPD and the Greens.
    “With the FDP and SPD, a performance-oriented party and a party focused mostly on social justice would rule together – surely it would be ideal if these two fundamental views came together,” Wolfgang Kubicki, leader of the FDP in the northern state of Schlweswig Holstein, was quoted as saying by “Welt am Sonntag”.
    Were a similar coalition to come together at the national level in 2013, it could doom Merkel’s hopes of a third term. 
    Am I detecting the early days of a big shift in the political landscape of the EU? Greece wants out, France next, and if Germany goes the same way, will it be the end of the EU? Looks like everyone wants to join the UN umbrella instead, is it true?
    – Contributed by Oogle.

    It is a ritual killing to challenge the Government

    (Reuters) – Suspected drug cartel killers in Mexico dumped 49 headless bodies on a highway near the northern city of Monterrey, a sickening atrocity that prompted the government to condemn the “inhuman” violence plaguing the country.
    The corpses of 43 men and six women, whose hands and feet had also been cut off, were found in a pile on a highway in the municipality of Cadereyta Jimenez early on Sunday, officials from the state of Nuevo Leon said.
    The Nuevo Leon government said the notorious Zetas drug gang had claimed responsibility for the bloodbath, one of the worst to hit Mexico during its struggle against the powerful cartels.
    The massacre follows several other mass slayings in Mexico. Many have occurred in the north, where the Zetas have waged a war against rival groups for control of smuggling routes into the United States, the biggest market for illicit drugs.
    The Mexican government said in a statement the evidence suggested turf wars between the Zetas and the Sinaloa cartel of Joaquin “Shorty” Guzman were behind the surge in bloodshed.
    Condemning the “inhuman episodes of irrational violence” the warring gangs had caused, the government pledged to uphold justice in Mexico with “all of its force and might.”
    The Zetas gang was founded by deserters from the Mexican army who became enforcers for the Gulf cartel, which once dominated the drug trade in northeastern Mexico. Leaders of the Zetas later split from their employers and the two gangs have since fought for control of trafficking routes.
    The Zetas have also been at war with the Sinaloa cartel headed by Guzman, the country’s most wanted man.
    President Felipe Calderon has staked his reputation on bringing Mexico’s drug gangs to heel, sending in the army to fight them shortly after taking power in December 2006.
    But the violence has spiraled since, and more than 50,000 people have fallen victim to the conflict, eroding support for Calderon’s conservative National Action Party (PAN), which looks likely to lose power in presidential elections on July 1.
    A poll published on Sunday showed PAN presidential candidate Josefina Vazquez Mota trailing front-runner Enrique Pena Nieto of the opposition Institutional Revolutionary Party (PRI) by 19 points with just seven weeks to go.
    The commercial hub of Monterrey was long a bastion of the PAN, and the local business community has been “livid” about the violence engulfing the city, said George W. Grayson, a Mexico expert at the College of William and Mary in Virginia.
    “This puts the final nail in the coffin of the PAN in the presidential contest,” he said after the latest atrocity.
    Surveys show voters think that the PRI, which ruled Mexico for 71 years until 2000, is more likely to quell the violence. Its long rule was tainted by corruption and critics have accused the PRI of making deals with cartels to maintain order.
    Vazquez Mota took a swipe at the PRI after the headless bodies were discovered, suggesting regions governed by the centrist party – which include Nuevo Leon and nearly two-thirds of Mexico’s states – had allowed crime to flourish.
    “What happened in Cadereyta must be investigated, but what I think it shows, in a terrible and painful way, is the kind of permissiveness seen in these states towards organized crime,” she told Reuters in the eastern port of Veracruz on Sunday.
    The headless victims have not been identified.
    The bodies showed signs of decay, indicating they may have been dead for days, Nuevo Leon Attorney General Adrian de la Garza said. He noted there had been no mass disappearances reported in the state, so the victims could have died elsewhere.
    De la Garza said many of the bodies were tattooed, which could offer a clue to their identities. The dead may have been migrants passing through Mexico to the United States, he added. Migrants have been targeted by criminal gangs in the past.
    Violent street gangs in Central America like the Maras have distinctive tattoos, though Nuevo Leon public security spokesman Jorge Domene said the victims did not show these markings.
    Domene said some had tattoos of Santa Muerte, or “Holy Death” a female skeletal grim reaper venerated by both gangs and some broader, non-criminal sections of Mexican society.
    The corpses were taken to Monterrey and authorities said they would perform DNA tests. Thousands of Mexico’s drug war victims have never been identified.
    The bloody killings in Nuevo Leon were the worst there since 52 people died in an arson attack on a casino in Monterrey in August. That attack was also blamed on the Zetas.
    Monterrey is Mexico’s most affluent city and was long seen as a model of economic development in Latin America. But it has been ravaged by the drug war over the last three years.
    The horrifying conflict has been marked by an escalation of mass slaughter in recent weeks.
    Last Wednesday, 18 people were found decapitated and dismembered near Mexico’s second-largest city, Guadalajara.
    A week earlier, the bodies of nine people were found hanging from a bridge and 14 others found dismembered in the city of Nuevo Laredo, just across the U.S. border from Laredo in Texas.
    Security analyst Alberto Islas said much of the recent spike in violence was the result of fighting over cocaine supplies from South America between the Zetas and the Sinaloa cartel.
    Increased pressure on Guzman’s operations in Colombia this year had prompted the Sinaloa cartel to buy up a bigger share of cocaine from Peru and Ecuador, squeezing the Zetas’ supply and sparking tit-for-tat attacks among the gangs, Islas added.
    The fact that state and federal authorities had repeatedly failed to capture and prosecute those responsible for the brutality meant the attacks were only getting worse, he said.
    “They’re fighting across the whole country with complete impunity,” he said. “The government has to send out a very clear signal they will stop the violence and find those responsible.”
    Late last year, several mass killings took place in the eastern state of Veracruz, which has been ravaged by the Zetas.
    (Reporting by Michael O’Boyle, Dave Graham, Ioan Grillo, Anahi Rama, Mica Rosenberg and Ana Isabel Martinez; Editing by Kieran Murray and Stacey Joyce)

    Their hands, feets and head were cut off to prevent identification of the victims, who are most likely being traffic to Mexico by Cartel gangs, it is a ritual killing which the gangs want to show their powers to instill fear amongst the people, to challenge the Governments. But there is a God above, and Justice will be served. You cannot solve Hunger and Poverty without fighting Crime. By fighting Crime, only then there is Peace and Prosperity. You need an appropriate response to deal with drugs cartel, that is having even higher firepower and the methods to deal with counter-terrorism. They carry a gun, your men carry sub-machine guns, and if they carry sub-machine guns, your men carry bazooka and rpgs. If your police force cannot handle, the setup a task force. If there is an army, then bring in apache helicopters and anti-personnel crafts. If they resists with brute force, then take no survivors. That is what I call “an appropriate response”.
    – Contributed by Oogle.