Report: Criminals abusing Apple Pay say it's the 'easiest way' to make money
What you need to know
- A new report has highlighted the growing abuse of Apple Pay by criminals.
- A report says criminals think it's the "easiest way" to make money.
- Fraudsters use bots to steal authentication codes, then link stolen credit cards to Apple Pay.
A new report says that criminals are abusing Apple Pay to scam unsuspecting users, and reveals they believe it is the "easiest way" to make money.
According to the reports, criminals are using bots to automatically call victims and dupe them into handing over multi-factor authentication codes, and then using the bots to link stolen credit cards to contactless payment systems like Apple, Samsung, and Google Pay. The cards are then used to buy gift cards using the payment credentials of the victims. As the report notes, Apple Pay may be a preferred exploit because you don't need a PIN number to spend money or any identification, just a phone.
The story is another reason why it's important to remember never to hand over any kind of authentication or verification code to anyone, especially someone over the phone. Companies like Apple will never call you for that type of information. And if they do, it's probably someone just posing as a company to steal from you, as one crypto investor who lost $650k found out earlier this week.
Get the best of iMore in your inbox, every day!
Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9