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Banks, retailers ‘stung’ by fraud, Apple Pay still perfectly secure

“Earlier this week we debunked sensational headlines mislabeling bank fraud as Apple Pay fraud. Now those same headlines are being repeated, but with a new twist,” Rene Ritchie reports for iMore. “This time Apple Pay has apparently been ‘stung’ by people using false credit card numbers obtained from last year’s Target and Home Depot breaches. Sadly, these headlines are just as inaccurate. Banks and retailers may have been ‘stung,’ but Apple Pay is still as secure as ever.”

Apple Inc.’s new mobile-payment system has been hit by a wave of fraudulent transactions using credit-card data stolen in recent breaches of big retailers, including Home Depot Inc. and Target Corp., people familiar with the matter said.The Wall Street Journal, March 5, 2015

“Apple Pay security actually prevents just that kind of data from being stored by retailers. It uses one-time numbers instead of the actual card number, so if anything is stolen, it has no value,” Ritchie reports. “In other words, it will keep customers, banks, and stores safer. By spreading fear, uncertainty, and doubt (FUD) about Apple Pay, it actively hurts rather than helps transactional security.”

Ritchie asks, “What rates Apple Pay getting this much of this kind of attention from these kinds of outlets this week?”

Read more in the full article here.

MacDailyNews Take:  “What rates Apple Pay getting this much of this kind of attention from these kinds of outlets this week?” Apple Watch’s impending launch, of course.

Apple Pay is a major, if not the major, initial selling point of Apple Watch.

We’ve seen this far, far too many times. These reports are not misunderstandings. They are not born of ignorance. The fix is in. (But, it won’t work this time, either.)

As always, approach all large media outlets as if they are corrupt. Make them prove to you what they are reporting with facts (not “expert” opinions or obtusely worded disinformation) or disregard.

[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]

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