The Currency

Fraud Comes to Apple Pay →

Abraham said it’s not “an anomaly” to see fraud accounting for about 6% of Apple Pay transactions, compared to about 0.1% of transactions using a plastic card to swipe. He noted that fraud rates vary by issuing bank.

Seems like the banks’s verification system is at fault here, not Apple. In making the new card entry as hassle-free as possible to encourage Apple Pay adoption, they skimmed on security.

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