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Risk management: call me back when they figure it out Quoting article you linked: "the banks may largely have themselves to blame." Apple Pay appears to be a

Risk management: call me back when they figure it out Quoting article you linked: "the banks may largely have themselves to blame." Apple Pay appears to be a secure system, and was designed by engineers to be such. The process of getting a credit card loaded into Apple Pay appears to be a woefully insecure system, and was designed by banks to meet the bare minimum of regulatory compliance and no more. Some banks actually perform some due diligence; one of my cards, when I added it on my phone, required some verification steps to prove to the issuing bank that I was indeed the cardholder I was claiming to be. But another simply loaded onto the phone instantly with no verification. It doesn't take me long to figure out how that leads to fraud.

ikeboy 11y ago
>Because Apple wanted its system to have the simplicity for which it has become famous and wanted to make the sign-up process “frictionless,” the company required little beyond basic credit card information about a user. >Some bank executives acknowledged that they were were so scared of Apple that they didn’t speak up. The banks didn’t press the company for fear that they would not be included among the initial issuers on Apple Pay. Sounds like there was pressure from Apple. Regardless, there's absolutely no sign of the security claimed by OP. You'd at least expect parity security, not an order of magnitude more.