“Over the past two days I’ve received four or five different emails advising me that ‘Fraud is Running Rampant on Apple Pay.’ This is a pretty provocative statement and I felt obligated to research the particulars,” Paula Rosenblum writes for Forbes. “It’s important to say right up front that this is a tempest in a teapot, especially given that the payment method is only available in the United States. The primary affected parties at this point are banks; not retailers, and not consumers.”
“No one doubts that Apple Pay’s security methods are adequate. In fact, they are about as state of the art as you can get,” Rosenblum writes. “The problem instead is ostensibly with fraudulent credit cards, or stolen credit cards being entered as an Apple Pay method of payment. Certainly this is not Apple’s problem. If it is a problem at all, it lies with the banks and the way they verify the credit cards.”
Much more in the full article here.
MacDailyNews Take: Banks tightening up their verification processes now before Apple Pay rolls out globally is a good thing. Apple Pay is secure. Stolen credit cards are not.
[Thanks to MacDailyNews Reader “Bill” for the heads up.]
Banks rush to stem tide of fraudsters using stolen credit cards with Apple Pay – March 3, 2015