There's a way to scam Apple Pay and identity thieves are starting to use it
Mar-03-2015

Apple Pay has been touted as perhaps the most-secure method of payment available. But scammers have still found a way around the platform's strong encryption and biometrics, according to a report from The Guardian.

Instead of breaking Apple Pay's built-in security, identity thieves are taking advantage of lax rules for card activation from banks. In other words, crooks are loading stolen banking information on new iPhones and then using Apple Pay to purchase high-price items, according to the report.

Banks are supposed to verify all cards that are loaded onto Apple Pay. But some provision card use simply by confirming the last four digits of social security numbers, for example.

In particular, Apple Stores are being targeted. They, of course, accept Apple Pay and offer high-value, in-demand Apple products. The Guardian charts total losses from Apple Pay as "already running into the millions," citing "industry sources."

Click the link below for the rest of the article!

Visit Website

Posted by Ken at 1:43 AM - Link to this entry  |  Share this entry  |  Print