10
Headline of the Day

Rurik Bradbury, writing for Trustev:

A hot and heavy headline at the Wall Street Journal, “Fraud Comes to Apple Pay,” gives the impression of some kind of security weakness in Apple’s new payment system, but it’s not justified.

What has happened is that Apple Pay itself is basically fraud-proof, so fraudsters have turned their attention to the next weakest link: credit cards before they’re added to an Apple Pay wallet.

This is classic fraud via social engineering. Criminals use stolen credit card details (which can easily and cheaply be bought on sites like Rescator.cm) and then trick banks into allowing them to be loaded onto an iPhone. Once loaded onto a phone, they can make purchases until the card is canceled.

Anything to get “Apple” into a headline at the WSJ.

Tuesday, 3 March 2015