Apple Pay Accounting for More Fraud than Native Credit Cards

A couple of days ago, Samsung thrilled its Barcelona audience with two new phones, gear and a remarkable presentation. The new flagship device, the Samsung Galaxy S6 is compatible with Samsung Pay, and so is the Samsung Galaxy S6 Edge. Even though their design and innards are remarkable, Samsung’s support of a payment platform takes the fight straight to Apple, to the iPhone 6 and iPhone 6S.

This is good competition. The question, however, is; Is Samsung Pay safer that Apple pay, does it have what it takes to win over the hearts of the elite?

Currently, the folks over at Apple are struggling with more than they would care to admit with regard to Apple Pay. Word has it that bank are experiencing increased fraud attempts as hackers and criminals try to exploit the weaknesses in this innovative payment platform.

According to an insider, over 6 percent of the Apple Pay transactions are fraudulent. Criminals are taking advantage of the quick check out process to coordinate fraudulent activities at banks and cashless payment points.

Apple adamantly refuses to fault its payment platform. Currently, Apple Pay stores payment data separately, and in a constant encryption mode. Moreover, the fingerprint reader ensures that the phone’s owner is always the transaction maker. This is sleek and safer.

The problem, however, is when adding credit cards to the platform. Some banks made the process too easy to the extent of letting criminals add the wrong cards to different phones.

Apple gets 0.15 percent of all transactions made on Apple Pay, a deal they struck by convincing banks the platform is safer than a credit card. They have all reason to fend for the ideas validity if at all there are to remain valid in the payment business.

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