The security built into Apple Pay is so resistant to tampering, reports the UK newpaper The Guardian, that criminals are focusing more than ever on traditional bank weaknesses surrounding common fraud and identity theft techniques, exploiting the lax identity requirements some banks employ for users who are adding credit cards to Passbook, which stores the data so that Apple Pay can later utilize it. So far, the fraud has racked up millions of dollars from stolen credit cards added to Apple Pay.
