Apple Pay has been hit by a number of fraudulent transactions using credit card data previously stolen from big retailers including Target and Home Depot.
About 80 per cent of the purchases were made at Apple’s own stores, where pricey items are in greater supply than at other Apple Pay affiliated stores such as Whole Foods.
A Wall Street Journal source said that fraudsters are loading stolen card data onto Apple Pay, which allows them to make purchases without the physical card being present. While banks, rather than Apple, are responsible for verifying customer information before cards can be used for Apple Pay, the fraudulent purchases will be a setback for the new mobile payments system.
Banks are making changes to their security procedures to better handle Apple Pay-related issues, people familiar with the matter have said.
Hackers stole data from 56 million cards in an attack on Home Depot last year, while 40 million cards were compromised by the Target breach at the end of 2013.
It's banks, not government agencies, that the British people trust to deliver biometric authentication payment services, says a new Visa study.
With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.
Three years since the public consultation, and a year since the £20 was revealed to be the next note to have a makeover, 13th September marks the day that the new £5 polymer bank note enters into circulation.
Global card payments are growing at twice the rate of the number of cards in circulation as acceptance booms and consumer habits shift away from cash.