It is hard to ignore the daily news coming up around Apple Pay these days. Some articles go as far as calling 2015 the ‘Year of Apple Pay’. Even though most people might at first think about the new convenient way of paying in brick and mortar stores Apple Pay aims at bridging the gap between the offline and online payment experience. Already in late 2014 some commentators stated that online retailers are embracing Apple Pay right away and that adding it to their set of payment processors could significantly boost their sales.
As straightforward as the decision to add this new processor to your store may sound, there is one catch: Apple Pay is currently the target of massive attacks by low-tech fraudsters that use stolen credit card information to setup Apple Pay on their iPhones. Once the setup is complete they can then use the secure processes provided by Apple’s technology to shop in online and offline stores of their choice.
The good news? When you apply Signifyd’s state-of-the-art fraud prevention solution, fraudsters using Apple Pay pose no greater threat to your store than fraudsters directly using stolen credit cards. We protect you from both. The danger comes when you assume that the payment method connected to Apple Pay was secure when it was loaded, and therefore, that Apple Pay is secure. In fact, the fatal conceit is to believe any payment method is bullet-proof. Signifyd’s technology makes no such assumption. “The key is reducing reliance on static data – much of which is PII data that has been compromised by the crooks – and increasing reliance on dynamic data, like reputation, behavior and relationships between non-PII data elements.” explained Avivah Litan, a fraud analyst with Gartner. Signifyd’s algorithms are built and constantly adapted for a world where any payment method can be hacked, abused, or stolen, because as Apple’s difficulties demonstrate, that’s the world we live in.