Online frauds and cyber crimes are not new for anyone in this world. Nowadays people keep hearing news about such incidents in different parts of the world. Continuity of them has somehow enhanced the risk that these frauds can take place with anyone at any time, irrespective of the transaction amount. Apple Inc. (NASDAQ:AAPL) launched its Apple Pay service, a unique payment platform sometime back, it claimed that it was the safest and most secure payment gateway of the world. Opinions seem to have changed now as experts call Apple Pay ‘Not The Safest’ payment platform of the world.
Why They Say So:
As per the reports, Apple Pay makes it possible for the trained cyber thieves to use the stolen debit and credit cards to buy anything they want. Earlier, these stolen cards were only used for online fraud, but with the launch of Apple Pay, things have changed. The only thing that online fraudsters need to have is ‘dumps,’ data stolen from the magnetic strip on the back of the cards. With the help of them, anyone can go in a store, use the fake information and come out with a large TV set or music system, without anyone’s knowledge.
How Dumps Are Stolen:
Well, they are stolen by planting malware on the point-of-sale devices. When cards are swiped on these devices, the malware planted on them record the information and use that afterwards. Hundreds of such cases have come to light over the past one year or so. Some of the major retail stores where such fraud incidents have taken place include names like Home Depot and Target. The dump buyers encode the stolen information on other plastic cards and use them at any retail store or online platform. Reporters tried to get in touch with Apple Inc. (NASDAQ:AAPL) representatives, but they could not receive their feedback on this issue.