Banks Changing Apple Pay Procedures After Fraud, Consultants Say
Tim Cook, chief executive officer of Apple, unveils the Apple Pay during a product announcement at Flint Center in Cupertino, California, on Sept. 9, 2014.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Some banks have begun to make changes in how they activate customers’ credit-card accounts to use Apple Inc.’s new mobile-payment system after reports of fraudulent transactions, according to industry consultants.
The effort is an attempt to thwart criminals who have been typing stolen credit-card numbers into Apple Pay and trying to make purchases with their iPhones.