Apple Pay Cybercrime Burns Banks

Identity thieves are using Apple Pay to defraud banks of what could amount to millions of dollars. Armed with iPhones, the fraudsters are entering stolen payment card information into Apple Pay. Due to weak authentication procedures at the institutions issuing the cards, they are able to use the stolen cards to make purchases through Apple Pay. Ironically, much of the purchasing is being done at Apple Stores, thanks to the high resale value of Apple products. Before cards can be added to Apple Pay, they must be provisioned — that is, approved — by the card issuer. Criminals are finding that process easy to game.

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