The credit card fraudsters are always reaching out for new tactics to burgle from the banking institutions and tech giants. With the increase in the number of mobile payment applications and options, the cases of the fraudulent transactions involving the platforms such as the Apple Pay are on the steep as well. A new scheme that has been adopted by the hackers states that they are stealing millions of dollars from the Apple by taking advantage of the security lapses from the banks. The new scheme includes loading the Apple Pay accounts utilizing the stolen payment card information from the dark web.
Some of the banks that have been under fraud schemes of the mobile payment are Capital One and JPMorgan. The experts suggest that the bre4aches were mostly due to the loopholes that were created by the banks. In the years 2015 and 2016, Capital One suffered losses that have amounted to $1.5 million soon after a known organized crime group loaded their iPhones with funds that were stolen from the credit cards.
One of the residents of Miami has received a four year sentence in December 2018 for his involvement in the Apple Pay fraud scheme. Another case states that an organized crime group has stolen funds from the JPMorgan bank accounts utilizing the information obtained from the various darknet platforms. The fraudsters from the Washington have loaded Apple Pay and the different other digital wallets in order to make high-end purchases. With the stolen funds, the fraudsters have bought expensive items like the MacbookPros and Rolex Watches and it has also been found out that the products have been resold to complete the well maintained plan. The total responsibility of the protection from such fraudulent activities depends on the banks due to the fact the breaches are made from the bank accounts and not directly from the digital wallets.