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Apple Pay: A Necessary Push To Transform Consumer Payments
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Marilyn Cohodas
Marilyn Cohodas,
User Rank: Strategist
9/12/2014 | 7:46:20 AM
Device Account Number
Lucas, I really like this concept and it sounds very promising, but I'm not sure I totally understand how it works. So, for each transaction, Apple Pay creates a unique "Device Account Number" that is stored in the SIM card in your iPhone. But where does the Device Account Number come from? From the card company?
Dr.T
Dr.T,
User Rank: Ninja
9/11/2014 | 8:53:35 PM
Re: The entire article falls apart at "Hopefully"
I hear you, I would think they would either hash or encrypt data at rest. They would not be able take a risk of credit card numbers being compromised. This is more regulated than the pictures we uploaded to iCloud which nobody really cares unless you are a celebrity.
Dr.T
Dr.T,
User Rank: Ninja
9/11/2014 | 8:49:36 PM
Re: The entire article falls apart at "Hopefully"
I agree, handing over the credit card would more risky than using NFC with your iPhone.
Dr.T
Dr.T,
User Rank: Ninja
9/11/2014 | 8:47:17 PM
Two-factor
I like the article, thanks for sharing it. I will most likely use Apple Pay simply because it is convenient. However we should not assume that the solution is secure enough that we feel comfortable. Keep in mind that the credit card itself provides two-factor authentication and unconnected, our iPhones may not provide the same capabilities because it is connected.
anon7578423912
anon7578423912,
User Rank: Apprentice
9/11/2014 | 4:41:51 PM
Re: The entire article falls apart at "Hopefully"
We're already at risk of credit card data theft. I have an iPhone, and I'd rather pay via Apple Pay or similar service than hand out my card to all kinds of merchants out there. I have actually being carrying more cash on hand lately with all the security breaches going on.
dkoobfhlbc
dkoobfhlbc,
User Rank: Apprentice
9/11/2014 | 1:52:20 PM
The entire article falls apart at "Hopefully"
From the article:

"Hopefully, Apple has implemented significant and sophisticated measures into protecting card data stored in the iPhones' Passbook from theft or unauthorized use. Regardless, removing sensitive payment data from the merchants' hands is a necessary step to solve the increased breach epidemic retailers have been facing."

 

If Apple cant keep private data (pictures and backups safe) what makes you think they can keep your personal finance information safe?

Lets all jump on the Apple bandwagon as quick as humanly possible because Apple can do no wrong, or when they do - its no big deal.

I understand this puts progress in a crux and I don't have a perfect answer - but I fear for the sheeple that will blindly follow and potentially expose themselves to risk of giving up their credit card information. 
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