Apple CEO Tim Cook was initially turned down for an Apple Card, The Information reports. Cook was denied his own company’s credit card because he’s a popular target for fraud.
Theron Mohamed for Business Insider:
Apple’s CEO couldn’t get approved for his own company’s credit card during test runs ahead of its launch in August 2019, four sources told the tech-news outlet. Cook was denied because his public profile makes him a target for impersonation, and credit bureaus flag the accounts of famous people like him.
Goldman Sachs, Apple’s underwriting partner, ultimately made a one-off exception to grant Cook a card, The Information said.
The tech executive’s vast wealth, spectacular success, and ringing endorsements underline the absurdity that he was turned down for an Apple Card, even if it was during a test run and due to fraud concerns.
MacDailyNews Take: While humorous, this simply shows that Goldman Sachs’ anti-fraud flagging system for Apple Card worked as intended.
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And yet… the first WEEK I had my Apple Card, someone was able to charge almost $2k in fraudulent purchases to it. They were allegedly made IN PERSON (valid chip read), in a state halfway across the country from me. I’m not convinced GS is any better than any other bank.
Since they had to make an “exception” to issue him a card, it sounds like the stop was not because a fraud-catching system flagged it, but rather that they typically decline to issue credit to impersonation targets.
Not really a proof of the effectiveness of anti-fraud systems. And anecdotal stories of plenty of Apple Card fraud say the opposite.