Apple pay issue soon, exposing fraud

According to the Wall Street Journal's Chinese network, Apple's mobile payment service, pay, has been out of business for a long time. Cherian Abraham, a paying expert who exposes fraud in Apple's pay, said the fraud deal could account for about 6% per cent of Apple's pay transactions.

Some banks are beginning to see an increasing number of fraudulent transactions in Apple's mobile payment services, and criminals are exploiting loopholes in the certification process using credit cards, according to people familiar with the Wall Street Journal's Chinese website today. The bank began to step up its certification process to curb fraud, the people said. The people were reluctant to be named on the basis of a confidentiality agreement with Apple.

It is understood that the problem of fraud in Apple's pay was revealed by Abraham's blog at the end of February. He says the problem of fraud is growing like weeds and it's hard for banks to tell their enemies. Abraham also noted that, by contrast, the rate of fraud in the card trade was about 0.1%, while the proportion of fraudulent transactions in different issuers was different.

An Apple spokeswoman declined to comment on the fraud deal, but said Apple Pay was designed to be very safe and intended to protect users ' personal information. She added that banks have been assessing and improving their certification processes, and the lines are different in this regard.

It is reported that Apple Pay is an NFC based mobile payment feature released at the 2014 Apple Autumn launch, officially online on October 20, 2014, it simply "leans" on the terminal reader, and the entire payment process is simple. Then Apple CEO Cook said Apple Pay all the stored payment information was encrypted. (Beijing, the IT channel)