Saturday, March 7, 2015

Thieves use Apple Pay weakness to score big ticket items.


When the front door is locked the clever thief, before attempting to pick the lock, tries the back door to see if you were too stupid to secure it.

Apple Inc.’s new mobile-payment system has been hit by a wave of fraudulent transactions using credit-card data stolen in recent breaches of big retailers, including Home Depot Inc. and Target Corp., people familiar with the matter said.
About 80% of the unauthorized purchases have been for big-ticket items bought with smartphones at Apple’s own stores, one person with knowledge of the situation said. Those Apple products have a higher resale value than most of those available through other merchants that have signed on to the Apple Pay system, such as Whole Foods Market Inc. and Panera Bread Co.

Exactly why weren't all of these stopped when the name on the card didn't match identification of the user?
Because Nobody demanded to see said identification because "Apple Pay is secure."

Try again boys, because this simply won't do.

3 comments:

  1. So..."Apple Pay is secure" joins "Macintoshes don't get viruses" as another myth the cool kids fell for. Course, Whole Foods Market and Panera Bread Co, kinda defines the target market though.

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    Replies
    1. I went into a Whole Foods once. It was great, until I had to pay. At that instant I understood why they call it "Whole Paycheck."

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    2. Just looking at the neighborhoods they're in tells me I can find what I want for a better price elsewhere.
      It's probably one of the reasons the nearest one is 150 miles from here?

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