Million-dollar fraud with Apple Pay – Perennial prison sentences
Million-dollar fraud with Apple Pay
Fraudsters in the USA have prevailing with regards to utilizing Apple Pay and taken Mastercard information to buy merchandise worth over 1.5 million US dollars. The head of the extortion ring, a 30-year-old from Miami, has now been condemned by a court to four and a half years in jail for wire misrepresentation and wholesale fraud, as indicated by the Florida State Attorney’s Office.
477 stolen credit cards set up in Apple Pay
The fraudsters used the “fraudulently obtained” data of at least 477 credit cards to deposit them in Apple’s contactless payment service Apple Pay, as the public prosecutor’s office explained. The group then went on a retail shopping spree with their iPhones and was able to use the credit card data without having to produce a physical credit card. The public prosecutor’s office did not provide any further details on the procedure.
Criticism of low protective measures
Banks can use various methods to verify the card,
such as sending a code
to the user’s e-mail address, by banking app or by phone. When Apple approves a card
for Apple Pay, it will check “information about the activation of certain device settings and the usage
pattern of your device, such as how often the device is in motion and the approximate number of calls
you make each week. According to reports of a high fraud rate with Apple Pay stressing banks and Apple in 2015, it is a rare phenomenon.
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