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Estimates are that ApplePay is experiencing fraud rates as high as 6% at some banks. http://money.cnn.com/2015/03/18/technology/apple-pay-fraud/ http://money.c
by geomark 11y ago
Estimates are that ApplePay is experiencing fraud rates as high as 6% at some banks.
http://money.cnn.com/2015/03/18/technology/apple-pay-fraud/ http://money.cnn.com/2015/03/18/technology/apple-pay-fraud/
- gress 11y agoThat is describing using Apple Pay as a way to tender already stolen credit cards and has nothing to do with the security of Apple Pay itself.
- lawnchair_larry 11y agoThe end result is the same. It's just like using a stolen card.
- geomark 11y agoThat's right. ApplePay does nothing to mitigate the credit card fraud problem. And until banks get better at verifying a stolen card isn't being loaded into ApplePay the problem is actually much worse.
- gress 11y agoApplePay does a huge amount to mitigate the credit card fraud problem for it's users. The fact that it can be used to process cards stolen others is irrelevant.
- coldtea 11y agoWe're not talking about the end result, we're talking about the security of a specific method of payment. If we were discussing how insecure IE 6 is and how it can get you hacked, then the fact that using Chrome to directly give your info to a shady site can have the same result (get you hacked), doesn't say anything for the relative security of Chrome vs IE 6.
- deleted 11y ago[deleted]
- ubernostrum 11y agoExcept that entire issue really boils down to the incompetence of the banks; Apple Pay itself is fine, it's the initial step of having the bank verify and confirm the payment info being loaded in that's the problem, since the bank will "verify" that a dancing bear with a party hat and a clown nose is actually you.
- frickingyc 11y agowhat do guys chooses for payment processing?
- deleted 11y ago[deleted]