[2016-03-04] Criminals Use Apple Pay For Fraudulent Purchases

[jdebunt]

Mobile payments are only as secure as the wallet service is, and Apple Pay is not doing the best of jobs to protect consumer data. While many people see Apple Pay as a form of Fintech innovation, making mobile payments through Apple’s financial solution with stolen credit card information appears to be much easier than originally anticipated. Some people would go as far as saying how this mobile wallet is quite inferior to other financial technologies, including Bitcoin.


http://bitcoinist.net/criminals-use-apple-pay-for-fraudulent-in-store-purchases/

[indiemax]

This is good news .hopefully Apple Pay will be swept away by the tsunami of cryptocurrency innovation heading their way 

[richardsNY]

This is good news .hopefully Apple Pay will be swept away by the tsunami of cryptocurrency innovation heading their way  

Apple won't be affected by this. They have billions of Dollars to fight anything that may harm their Apple Pay service. I am waiting for the media here to report about this. I am interested in seeing if they will talk very bad about Apple as they do with Bitcoin when Bitcoin is being used for fraudulent stuff.

[Fortify]

Think about it, if the criminal is carrying that device around they are constantly feeding that information back to Apple. It has been proven that various GPS tracking applications or even phone tower pings can easily track the geographical location of the phone. That is some pretty useful evidence when trying to track down perpetrators and you can connect the dots with CCTV. It's a pretty useful crime fighting combination but it comes at the price of no privacy.

[bitsmichel]

Mobile payments are only as secure as the wallet service is, and Apple Pay is not doing the best of jobs to protect consumer data.

Apple is not alone. A lot of consumer data is terribly protected. There should be better laws for consumer data protection.

Think about it, if the criminal is carrying that device around they are constantly feeding that information back to Apple. It has been proven that various GPS tracking applications or even phone tower pings can easily track the geographical location of the phone. That is some pretty useful evidence when trying to track down perpetrators and you can connect the dots with CCTV. It's a pretty useful crime fighting combination but it comes at the price of no privacy.

Criminals are expert on technology, I am sure they can circumvent these things.

[aso118]

Mobile payments are only as secure as the wallet service is, and Apple Pay is not doing the best of jobs to protect consumer data. While many people see Apple Pay as a form of Fintech innovation, making mobile payments through Apple’s financial solution with stolen credit card information appears to be much easier than originally anticipated. Some people would go as far as saying how this mobile wallet is quite inferior to other financial technologies, including Bitcoin.


http://bitcoinist.net/criminals-use-apple-pay-for-fraudulent-in-store-purchases/

Apple Pay being insecure compared to bitcoin is really not news. Bitcoin is open source, and has been able to withstand the scrutiny of quite a few pairs of eyes over the years.