CNBC – 3/4/15: Criminals are finding ways around Apple Pay’s safeguards. Banks are reportedly getting hit with a growing number of fraud cases involving the mobile payment system. But the recent reports involving the service have more to do with identity theft than breaking into Apple’s encrypted biometric enabled payment service. What’s happening is that criminals are setting up new iPhones with stolen credit card information, then impersonating the victim using other information easily found online, thus tricking the bank into thinking they are the authorized user in order to verify the new card.
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