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Comment by pjc50 | Hacker News Reader

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pjc50·

ApplePay potentially meets that description. Also, chip-and-pin cards.

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Estimates are that ApplePay is experiencing fraud rates as high as 6% at some banks.

http://money.cnn.com/2015/03/18/technology/apple-pay-fraud/

Except that entire issue really boils down to the incompetence of the banks; Apple Pay itself is fine, it's the initial step of having the bank verify and confirm the payment info being loaded in that's the problem, since the bank will "verify" that a dancing bear with a party hat and a clown nose is actually you.

what do guys chooses for payment processing?

That is describing using Apple Pay as a way to tender already stolen credit cards and has nothing to do with the security of Apple Pay itself.

The end result is the same. It's just like using a stolen card.

We're not talking about the end result, we're talking about the security of a specific method of payment.

If we were discussing how insecure IE 6 is and how it can get you hacked, then the fact that using Chrome to directly give your info to a shady site can have the same result (get you hacked), doesn't say anything for the relative security of Chrome vs IE 6.

That's right. ApplePay does nothing to mitigate the credit card fraud problem. And until banks get better at verifying a stolen card isn't being loaded into ApplePay the problem is actually much worse.

ApplePay does a huge amount to mitigate the credit card fraud problem for it's users. The fact that it can be used to process cards stolen others is irrelevant.

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