Fraud rate is 0.1% Fraud rate of Apple Pay is 6% that is 600 times higher. The NYT places the Banks at a higher fault because they should know better. I place blame on the strong arm tactics that Apple uses on every deal they make.
Apparently, Apple gave the banks the hooks they needed to eliminate the type of fraud the article describes but they didn't do it.
How is this Apple's fault?
"Isn’t this a Bank problem? And don’t that absolve Apple and Networks of their responsibility in this?
"It is unconscionable that Apple did not, and was not strongly advised by its partners – to make the Yellow Path implementation (by an issuer) mandatory sooner than it did – which was 4 weeks before AP launch. "
It was mandatory 4 weeks before the launch, so it's been 6 months since then... and yet we're seeing how banks haven't bothered to fix it?
I think Apple could have said something sooner, but in order to throw the word "unconscionable" around, I think that they would have to have done something deliberate or secretive.
I view that 90% of this rests directly on the banks' shoulders for not implementing good security in the first place, then sitting on not implementing it for months.
To Quote the blog that first reported the story and linke din the NYT article, "No one, is bold enough to call the emperor naked." http://www.droplabs.co/?p=1231
This is the whole bases and point of the article.