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Apple Pay a haven for 'rampant' credit card fraud, say experts
http://www.theregister.co.uk/2015/03/03/apple_pay_plastic_fraud/Apple and its banker pals may have inadvertently lowered the barrier to credit card fraud by adding pay-by-wave technology to iPhones, security experts fear.
Payment cards can be added to Apple Pay by taking a photo of the card, and allowing a device to run optical character recognition over the image to fill out the long card number, expiry dates and other details. These numbers can be entered manually, so physical access to a card is not needed.
After a credit or debit card is added to an iPhone's Apple Pay, the details are encrypted and sent to banks along with records on the user's iTunes account activity, transaction history and physical whereabouts, as explained in its Apple Pay support page here.
These records are used by banks to decided whether to approve adding a card to Apple Pay or to request further checks over a followup phone call. The aim is to weed out people adding stolen cards to Apple Pay.
more at link above
