(MENAFN- Al-Anbaa) Thieves are using stolen credit card data to make bogus purchases on Apple Pay, Apple's mobile payment system.
The stolen card data is believed to have come from recent hacks on major retailers including Home Depot and Target, according to a report by the Wall Street Journal.
Here's what's happening: Apple's system hasn't been hacked. But cyber thieves are taking stolen credit card data, entering it into smartphones, and making purchases - all without the use of an actual credit card or signature.
It's unclear how many Apple Pay transactions are fraudulent. About 80% of the unauthorized purchases have actually been bought with smartphones at Apple stores, the Journal reports, citing sources familiar with the matter.
This isn't good news for Apple Pay, which launched last fall, highlighting just how much damage cyber thieves can create.
Apple Pay's network includes major merchants such as Whole Foods (WFM), McDonald's (MCD), Bloomingdale's and Walgreens (WBA).
Apple didn't immediately respond to a request from CNNMoney for comment
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.