It’s the banks that are in the position to authorize use of a given card. Once that authorization is established, Apple’s part is so far secure.
The failure of some banks to properly verify a cardholder is akin to people “side loading” malware onto iOS devices: despite clear security warnings, banks/people proceed to take risky behaviors. Remember, the article notes this problem hinges on people getting their card verification DENIED, calling the bank, and the bank routing them to a problem resolution center instead of the fraud prevention department. The bank is getting the same “are you sure you want to trust this client?” message as a user trying to “side load” an app to bypass the App Store.
If Apple DID get further involved in the verification process on the banks’ side, methinks you’d be complaining that Apple is meddling and unduly squelching the banks’ options for verification. They COULD shut down “enterprise distribution” and “verification waivers”, but then a whole lotta valid customers would get pi$$ed off.
At some point, the responsibility of the product’s efficacy is on the one USING product: if a bank is complicit with someone masquerading as a customer, it’s not Apple’s fault. If the banks would VERIFY THE #%$&*!# CUSTOMER fraud wouldn’t be a problem.
Apple should go the whole road. If they can’t find a suitable banking partner for the supply chain, then by all means, by Ally bank and make it ApplePay only. Failing that, charter your own bank and knock everyone out of the box.
They don’t want to do that because now the SEC becomes their regulator (and slave). Regarldless. Take the idiots out of the supply chain and relaunch the product. All that matters was the fraud, and that it happened using their product.
I drive a Nissan Quest. The front end had to be replaced after 75,000 miles. Nissan doesn’t make the front end. The reason I won’t select a Nissan on my next vehicle buying experience is because they made a poor supply chain decision, and then expect me to live with it even though the rest of the vehicle performed to spec.
This isn’t hard to understand. Tech is going to need to start owning THE ENTIRE product going forward.
“Not my problem, it was the bank.” - this isn’t going to sell more ApplePay. Who is in a better position to exert influence on the bank? Not the defrauded end-user.