Millions of dollars are being lost to Apple Pay fraud – Apple Card to the rescue!

“In December, the Department of Justice quietly announced the four-year sentence of a 23-year-old Miami resident who the government claimed was involved in a gang that loaded stolen Capital One credit cards onto their iPhones,” Thomas Brewster writes for Forbes. “Between 2015 and 2016, they spent more than $1.5 million on fraudulent purchases via Apple Pay.”
“More recently, according to a criminal complaint unearthed by Forbes, the U.S. government alleged that a group of 30-year-old friends loaded Apple Pay accounts and other digital wallets with stolen JPMorgan credit cards purchased from dark Web trading sites,” Brewster writes. “They then made $600,000 in fraudulent purposes, splurging on a range of expensive gadgets—from a Rolex watch costing $35,000 to MacBook Pros and iPhones costing thousands of dollars—in stores in Washington State, according to the government. They then resold their purchases, the complaint noted.”
“Apple isn’t the one at fault. Experts have previously warned that banks should be taking more responsibility to prevent such criminality. In 2016, researchers from the anti-fraud company PinDrop warned that crooks could benefit from Apple Pay by adding stolen credit cards from so-called “carding” sites where such information is sold for as little as $2 per card. As PinDrop warned, the issue lay not with Apple but with the level of verification happening at the banks,” Brewster writes. “The arrival of Apple Card could well help stymie th[is] particular kind of fraud… Crucially, there’s no card number, CVV security code, expiration date or signature to steal with Apple Card”
Apple’s physical laser-etched titanium Apple Card
 
Read more in the full article here.
MacDailyNews Take: Apple Card is going to save everyone a lot of frustration, time, and money. It’s even going to generate money for users and for Apple alike!
The biggest news of Apple’s “It’s Show Time” event, by far, was Apple Card.
What was our very first reaction to the physical Apple Card?
“Yes, we want that physical card. We’ll use the digital card via our Apple Watches whenever possible, of course (more cash back), but we want that titanium, laser-etched card!” – MacDailyNews, March 25, 2019