“The perks that have always been attached to Apple Pay are the simplicity, speed and convenience of the mobile payment option. But does easy always mean better? The spike in fraud has some security experts doubting the security measures behind Apple Pay.
While Apple Pay has been defending its security, there’s a debate ensuing about just how secure the mobile payment option is. In a statement to The Washington Post, Apple wrote: “Apple Pay is designed to be extremely secure and protect a user’s personal information. During setup, Apple Pay requires banks to verify each and every card and the bank then determines and approves whether a card can be added to Apple Pay. Banks are always reviewing and improving their approval process, which varies by bank.”
A Washington Post article cites Cherian Abraham, a mobile payments advisor with Experian Global Consulting, who suggested Apple may not be doing enough to prevent consumers from committing fraudulent payments.”
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