“Banks are clamping down on their verification processes for the Apple Pay mobile-payment system after crooks started loading stolen credit-card data onto phones and then making fraudulent purchases,” Robin Sidel reports for The Wall Street Journal.
“The banks are making customers jump through more hoops because they want to make sure that card really belongs to the person who is loading it into the phone,” Sidel reports. “As for the fraud that has emerged, it doesn’t affect customers who are using valid cards on the Apple Pay system.”
Read more in the full article here.
MacDailyNews Take: Should have been more stringent from the start, but better late than never!
Banks, retailers ‘stung’ by fraud, Apple Pay still perfectly secure – March 6, 2015