Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Apple Inc. (AAPL) Not At Fault Over Growing Apple Pay Fraud Cases

Apple pay may not be as secure as Apple Inc. (NASDAQ:AAPL) intended it to be as criminals are finding new creative ways around the payment system as banks continue to report increased number of fraud cases. Former White House CIO, Theresa Payton, speaking on Fox Business noted that it is not Apple Pay that has been breached but the initial authentication process that users use when making payments.


Banks have reported growing numbers of fraud cases mostly attributed to identity theft and not the hacking of Apple Inc. (NASDAQ:AAPL)’s encrypted biometric payment system. Criminals are essentially setting up new iPhones with stolen credit information that they use to initiate transactions with banks.

“The bad guys have gotten in; they have not hacked Apple Pay itself. They looked for the weakest link in the chain and what they found was if they bought stolen credentials on the cyber-criminal market bought some of your breached information. Like the last four digits of your social security number and popped it on an iPhone depending on the bank they set up the account with; they can mascaraed as you,” said Mrs. Payton.

Payton believes the problem at the moment is with the banks and not Apple Inc. (NASDAQ:AAPL)’s encrypted service as they race against time to popularize the payment system among their consumers. The vice has been accelerated by the fact that it is easy to purchase credit card details, as well as other personal data in black market sites.

The fraud cases essentially shows there is a lot to be done by both Apple Inc. (NASDAQ:AAPL) and Banks especially on the verification process to keep the criminals at bay.

“The first thing I would say to the banks that haven’t implemented this yet, try doing a pilot do a small group of customers first and test out your process. For consumers listening don’t abandon Apple pay, this type of technology is here to stay but there are a couple of things you can do to take control of your own private security before you set up that mobile wallet,” said Mrs. Payton.

Watch the latest video at

I jsut made 84% in 4 daysI Just Made 84% in 4 Days By Blindly Following This Hedge Fund
I just made 84% in 4 days by blindly imitating a hedge fund’s stock pick. I will tell you how I pulled such a huge return in such a short time but let me first explain in this FREE REPORT why following hedge funds’ stock picks is one of the smartest things you can do as an investor. We launched our quarterly newsletter 2.5 years ago and not one subscriber has, since, said “I lost money by EXACTLY following your stock picks”. The reason is simple. You can beat index funds by creating a DREAM TEAM of hedge fund managers and investing in only their best ideas. I just made 84% in 4 days by blindly imitating one of these best ideas. CLICK HERE NOW for all the details.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.