Related article: How Apple Pay Is Being Exploited by Criminals
TRANSCRIPT: Okay I was flat out wrong about this. I was excited about Apple Pay when it launched because it was designed from the ground up to be a more secure platform for you to pay bills. You are out and about and instead of pulling out your credit or debit card, that in theory it was suppose to be a much more secure environment.
Theory turned out to be wrong, because apple pay has been totally trouble prone. Let’s first talk about using apple pay. If you have and iPhone and you downloaded Apple Pay, more than two thirds of people who’ve tried to use apple pay have had problems using it at the store, there is something much worse. The fraud involving Apple Pay. Where criminals have figured out the problems with the security on it have been huge, and the fraud has been much much great than with the traditional credit and debit card payment systems. Apply Pay is not ready for your wallet. Not ready for prime time. I’m Clark Howard.