ApplePay Stung by Low Tech Fraudsters

[audreyh1]

This came out a few days ago. ApplePay is vulnerable if the banks setting up the accounts don't check that the person creating the account isn't using a stolen credit card or isn't in fact the credit card owner.

Credit accounts can be added to Apple Pay by taking a picture of a physical card, or by manually entering card information. Different banks then take different additional steps to verify account details, and that the person who entered the information is the true account owner.

So step one has been failing quite often recently: Apple Pay Stung by Low-Tech Fraudsters - WSJ

One of the comments:

When I added a card to apple pay I had to call my bank and speak to someone to authenticate, a second bank sent me a text to a number they already knew and had linked to my acct - If banks are not verifying properly it is like mailing a real credit card to the thief - they may just send them a check instead and save them the hassle to buy and fence goods.