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Securing Consumer Transactions, Risk & Insurance

April 2, 2015

In the March 2015 issue, Risk & Insurance quoted David Katz on the issue of securing consumer transactions. Katz said that Apple Pay’s biometric Touch ID technology makes it “difficult for a thief or imposter to use an iPhone to complete transactions fraudulently.” Furthermore, he explained that “consumers whose phones are stolen or misplaced can easily use the ‘Find my iPhone’ feature to suspend all payments.” However, he added that with 800 million credit cards on file – not to mention the wearable fitness trackers that contain large amounts of health data – Apple may have succeeded in making itself a prime target.