Millions of dollars have been lost to fraudsters exploiting Apple Pay loopholes left open by banks. Will the new Apple Card come to the rescue?
Share to twitterApple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on March 25, 2019, in Cupertino, California.Millions of dollars have been lost to fraudsters exploiting Apple Pay loopholes left open by banks. Will theIn December, the Department of Justice quietly announced the four-year sentence of a 23-year-old Miami resident who the government claimed was involved in a gang that loaded stolen Capital One credit cards onto their iPhones.
As PinDrop warned, the issue lay not with Apple but with the level of verification happening at the banks. Some institutions were calling customers and asking for more identifying information before they uploaded their bank cards to Apple Pay. Others were sending one-time codes to be entered upon upload. But some weren’t doing any additional checks.
Apple, JPMorgan Chase and Capital One had not responded to requests for comment at the time of publication.laid out in detail just how criminals can abuse Apple Pay. In Miami, the gang had acquired access to unspecified personal information belonging to Capital One customers. One of the fraudsters would then call Capital One, pretend to be a legitimate customer and convince the bank to hand over control of the account.
The defendants are accused of working together to target a number of Apple and Microsoft stores. In one alleged crime from April 2017, a stolen card was uploaded to an Apple Pay account to fraudulently acquire two MacBook Pros from an Apple Store in Lynnwood, Washington, costing $7,725. Later that month, the same Apple Pay wallet was used to buy $4,940 worth of kit from the Microsoft Store in Seattle, the tech giant’s hometown.
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