Re: Fraud will find a way

On 2015-03-04 01:40, Manu Sporny wrote:
> Fraud Comes to Apple Pay
> http://blogs.wsj.com/digits/2015/03/03/fraud-comes-to-apple-pay/
>
> """
> Abraham said it’s not “an anomaly” to see fraud accounting for about 6%
> of Apple Pay transactions, compared to about 0.1% of transactions using
> a plastic card to swipe. He noted that fraud rates vary by issuing bank.
> ...
> the weakness identified by Abraham occurs at an earlier stage, when a
> user is adding a credit card to Apple Pay.
> ...
> Card issuers have been eager to join Apple Pay, and it’s possible that
> some didn’t provide enough training to customer-service representatives
> who handle authentication questions
> """
>
> -- manu
>

Bootstrapping a secure system from a provably unsecure ditto have some
downsides.   Banks in the EU would never accept Apple as the enrollment
party so they will need new / additional procedures.

For a bank-issued credit card I expect the customer to use his/her mobile
device to login to their account and from that order a virtual card which
will be delivered on-line.  That's the stuff I have been working with the
last 5 years so it better happen :-)

Anders
https://play.google.com/store/apps/details?id=org.webpki.mobile.android

Received on Wednesday, 4 March 2015 05:53:11 UTC