Fintech Startups Could Bolster Apple Pay Against Identity Theft

In the final pre-launch days, a possible issue with Apple Pay has come to light – does Apple or the card issuer know who is actually loading a credit card into Apple Passbook? As Apple Pay and the myriad of payment alternatives become available to tens of millions of consumers, mobile payment providers and card issuers face a basic problem – is the person loading a credit card into a mobile wallet the account holder of that card?

As the excitement over Apple Pay grows and the clamor for Apple-esque simplicity that consumers have come to expect from all mobile experiences, the challenge for both mobile wallets and card issuers will be determining what level of security they must add to ensure that credit cards added to mobile wallets belong to the right consumers… without stifling adoption and usage.

Here’s a simple illustration of the ...

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