Friday, 15 May 2015

How Apple Pay Is Exploited for Fraud

From Bank Info Security -

“Fraudsters Are Using Telephone Number 'Porting'.

Although Apple Pay initially gained attention for its potential to improve the security of mobile payments - thanks to its use of EMV and built-in tokenization - other security shortcomings are coming to light.

The main area of concern is not the technology itself, but the ways in which Apple Pay and banks are authenticating users and verifying payment cards.

In late February, we heard about how criminals were loading stolen credit and debit cards to iPhones for use with Apple Pay accounts (see Apple Pay: Fraudsters Exploit Authentication).

Now we're hearing about how criminals are exploiting device identification measures and out-of-band authentication methods used by banks to verify new Apple Pay accounts. “

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