Apple Releases iOS 8.1 with Apple Pay
interesting to see how fraud will be handled...
Customer: I am a victim of FRAUD! THIS IS NOT MY CHARGE!
Card Company: Transaction Shows it was completed using Apple pay with an approved device with an encrypted account account number and a unique identifier transaction code
Customer: My phone was stolen.
Card Company: This transaction was completed with fingerprint verification AND we took the liberty of capturing a front facing camera shot at the point of sale without your knowledge. Plus were showing via GPS triangulation where you are and you are calling us from that very same device sir.
Customer: WTF?
Card Company: You agreed to it in the terms of use when you downloaded iOS_8.1 it was right there between Mien Kampf and the Communist Manifesto right after the paragra...
(continues)
Card Company: Transaction Shows it was completed using Apple pay with an approved device with an encrypted account account number and a unique identifier transaction code
Customer: My phone was stolen.
Card Company: This transaction was completed with fingerprint verification AND we took the liberty of capturing a front facing camera shot at the point of sale without your knowledge. Plus were showing via GPS triangulation where you are and you are calling us from that very same device sir.
Customer: WTF?
Card Company: You agreed to it in the terms of use when you downloaded iOS_8.1 it was right there between Mien Kampf and the Communist Manifesto right after the paragra...
(continues)
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You have to admit, that with those kinds of precautions, it does make the possibility of fraud much lower, frankly it does a lot to relieve some of my fears about mobile payments.
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I mean the requirement of biometric confirmation, which really is part of Apple Pay....99.9% or more of the reason why people don't want to use mobile payments is because of the lack of protection from fraud if their phone is lost or stolen. But if you can't use Apple Pay without providing the fingerprint scan, and you can't, then this significantly reduces that risk.
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