Apple Pay System Hit by ‘Wave of Fraudulent Transactions’

Apple's new mobile payment system has been hit with a "wave of fraudulent transactions" using credit card data that have been stolen in recent breaches, according to The Wall Street Journal. The publication, citing sources familiar with the matter, noted that 80 percent of the unauthorized transactions have been for big-ticket items bought with smartphones at Apple stores. However, the sources added that Apple Pay's system itself hasn't been penetrated by hackers, rather fraudsters are entering stolen card data manually on their phones.