“Payment security is a banking industry-wide problem and Apple needs to work with banks to solve it, said a panel at American Banker's Retail Banking conference in Austin, Texas.
"Hey, Apple you're part of the industry now," said Neff Hudson, assistant VP-emerging channels at USAA, which partners with Apple Pay. "Welcome to the party."
Executives from Mastercard, USAA and BetterBuyDesign, a payments system consulting firm, gathered to discuss Apple Pay's impact on bank security and branding.
Security was a hot topic in light of last week's fraud attempts on Apple Pay. The fradulent transactions used stolen credit card information from retailer data breaches. Apple's platform was previously hailed as one of the most secure mobile payment options because of its use of tokenization -- an encryption system.”
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