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Title: Banks refute 'fraud' allegations linked to Apple Pay Post by: HCK on March 21, 2015, 09:00:18 pm Banks refute 'fraud' allegations linked to Apple Pay
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p class="intro">Despite ongoing attempts to spread fear, uncertainty, and doubt, banks still bullish on Apple Pay.</p> <p>A curious cluster of articles appeared in the newspapers over the last two weeks attempting to link Apple Pay (http://www.imore.com/apple-pay) to heightened levels of fraud. The sensationalist headlines and narratives never matched the facts, however, and now we know why — the facts didn't support them. .<!--break--> CNNMoney (http://money.cnn.com/2015/03/18/technology/apple-pay-fraud/index.html) did some actual reporting:</p> <p>But CNNMoney spoke to the nation's largest banks, an association of community banks and Apple. The takeaway? This high level of fraud isn't really widespread.</p> <p>Banks also make this point: Banks get stuck with fraud costs. Yet dozens of small banks are in a long line to join Apple Pay by the end of 2015, according to L. Cary Whaley III, a technology policy expert at Independent Community Bankers of America. Why would they want to join if fraud is truly rampant?</p><p>Banks have different processes for loading cards into Apple Pay, and it is the responsibility of the banks to make sure that their processes are secure. Some require a phone conversation, while others require a security code sent to your buy email. Several banks also send you alerts when your card is added to Apple Pay.</p> <p>So, despite repeated trying and failing to link bank fraud to Apple Pay (http://www.imore.com/banks-still-trying-failing-deflect-fraud-apple-pay), there's not only nothing to show for it, but now evidence is growing to show it for what it is.</p> <p>No doubt the truth will eventually come out, and it'll be interesting to see what the actual motivations were here.</p> </div></div></div><img width='1' height='1' src='(http://tipb.com.feedsportal.com/c/33998/f/616881/s/44a6bcf4/sc/28/mf.gif)' border='0'/><br clear='all'/> <a href="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/rc/1/rc.htm" rel="nofollow"><img src="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/rc/1/rc.img" border="0"/>[/url] <a href="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/rc/2/rc.htm" rel="nofollow"><img src="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/rc/2/rc.img" border="0"/>[/url] <a href="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/rc/3/rc.htm" rel="nofollow"><img src="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/rc/3/rc.img" border="0"/>[/url] <img src="http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/a2.img" border="0"/> (http://da.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/a2.htm)<img width="1" height="1" src="http://pi.feedsportal.com/r/224464621515/u/49/f/616881/c/33998/s/44a6bcf4/sc/28/a2t.img" border="0"/><img src="//feeds.feedburner.com/~r/TheIphoneBlog/~4/8K87KOwp6gM" height="1" width="1" alt=""/> Source: Banks refute 'fraud' allegations linked to Apple Pay (http://feedproxy.google.com/~r/TheIphoneBlog/~3/8K87KOwp6gM/story01.htm) |