The Next Step


When I was ten years old, I opened my first savings account. Well, my mother opened it for me, but I got to go to the bank with her and the teller told me what to do if I wanted to put money in my account on my own. She gave me a little book that was filled with blank pages, and she explained that every time I put money in my account someone would write the information down so I would have a running tally of deposits, and I would be able to use that information to find out how much money I had in my bank account. I’m pretty sure I still have that passbook somewhere. I might keep it to show my grandchildren how I used to do my banking back in the old days. Can you believe that we actually wrote it all down? On paper!

In the last twenty  years, we’ve gone from manual entry on a passbook to computer updates on the passbook to the ATM card that gives you twenty-four/seven access to any bank from any store. I can’t even remember the last time I used an ATM to get money, now that I can go to the grocery store and get a litre of milk and take cash from my account at the same time. But did you really think that technology would stop there?

Say hello to the EnStream Mobile Wallet Project.

EnStream is a joint mobile commerce venture between some of the biggest cellular carriers in Canada. For the last couple of years, EnStream has been looking at different ways to make banking more convenient for cellphone users, primarily through apps and online banking. Now EnStream is in talks with Canada’s big banks to take the next step and make your ATM card completely obsolete. The Mobile Wallet would allow the telecom companies to embed credit and debit card information on your SIM Card – that ridiculously small piece of plastic that locks into your phone and works as the key to your personal life. Currently, where your SIM card goes, your phone information follows. Soon, your banking info will tie in as well. There are signs that the project could even be taken a step further. Think of how thin your wallet will become when your driver’s license, ATM card, and credit cards have all been replaced by your Smartphone.

Of course, as with everything in life, there is a catch. And this catch could prove to be quite inconvenient. If I go to a restaurant tonight and misplace my Blackberry, it’s a major pain in the you-know-where and I have to go looking for the phone and then call the cellular carrier and get a new phone number and buy a new phone.  If I go to a restaurant five years from now and misplace my Blackberry, my entire life is now up for grabs to whoever picks up the phone. And we’re not talking about them being able to read my emails to my mum. We’re talking about identity theft made quick and convenient.

Security and technology have been advancing side-by-side with each other for years. All those years ago, when I got that first bank account, anti-virus meant taking vitamins to avoid getting the flu and firewalls were found only in cars and buildings. It will be interesting to see what comes first – the creation of a SIM Card that will allow for banking and personal information to be stored on a phone, or the construction of security systems that will need to be put into place within a Smartphones’ operating system to safeguard that information. Should we allow for the former without the latter, or can we trust that security will catch up with technology before things go wrong?

 

Would you use the mobile wallet service if it was available? Would you be worried about the security of that information?

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Posted on May 29, 2012, in Uncategorized and tagged , , , , , , , , , , , . Bookmark the permalink. 2 Comments.

  1. There’s security, and then there’s privacy. No matter how good the former is, if you subscribe to these new technologies, you ultimately subvert the latter. Call me paranoid, many do, but I still prefer to deal with cash. I’m not comfortable with the idea that if I buy a coffee with a credit card, debit card, smartphone, e-wallet, or direct cerebral link, that some data bank out there “knows” that I bought it, and when, and where. These days, every act becomes fact, and today’s purchase is tomorrow’s targeted ad. Something else to ponder over your next Tim’s.

    • I honestly didn’t think of it that way, but you’re right, Jeff. If my bank info is linked on that SIM card, does that mean that my cellular carrier will know what I bought at the grocery store? If my MSI card info is hard-coded in there, will the health department be able to see what I’m buying at the pharmacy? How much will Big Brother actually be able to see?

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