Apple fans around the world are excited about the debut of the Watch on Monday, and one of the company’s big pushes is to expand its Apple Pay program. If the Apple Watch takes off, it could be a boon for those who traffic in credit card fraud and exploit banks’ lax enforcement. Apple rolled out its Pay program when the iPhone 6 debuted last fall, and there have already been early reports of credit card fraud. One source familiar with the matter told the Wall Street Journal that about 80 percent of Apply Pay’s fraud purchases were big-ticket items in Apple stores themselves. This is in part because fraudsters can more easily sell items from there than they can at Whole Foods or Panera Bread, the other big early adopters of the Pay program. The Apple Watch will also have the pay feature, and is expected to exacerbate fraud problems in part because the the Watch will be cheaper than an iPhone. While the starting price of $349 is expensive compared to other watches, it’s actually much cheaper than the starting price for an out-of-the-box iPhone that isn’t subsidized by a cell phone contract. The way Apple Pay fraud […]
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