Apple Pay Among Systems That Need Regulation, BB&T’s King Says

Apple Inc.’s new payment system and others like it should be subject to the same regulations as the biggest U.S. banks to head off attacks by terrorists and computer hackers, BB&T Corp. Chief Executive Officer Kelly King said.

The possibility that a terrorist hacks into the financial system through a third-party payments company is a “greater threat” than if a similar attack were leveled against a community lender, King said yesterday in an interview. “We have to start raising awareness of this issue.”