Know your (Apple Pay) customer
New payments technology doesn’t remove the need to take ‘traditional’ security step.
by: Lisa Hochgraf
I’ve helped CUES publish a fair bit of information about how Apple Pay will be a key tool in credit unions’ security arsenals going forward. (In particular, the post “Apple Pay and EMV Security” comes to mind.)
So imagine my dismay when my boss sent me a link to a blog post entitled, “Turns out Apple Pay Can’t Solve Credit Card Fraud.” The post author says the hardcore Apple Pay security technology works well–but can’t overcome issues with cards themselves.
“According to Drop Labs,” the post details, “people are buying credit card numbers online, then loading those same numbers into Apple Pay, in essence making themselves a handy fake credit card, without going to the trouble of making a physical fake.”continue reading »