Cherian Abraham, a mobile-payments specialist who is a consultant to US finance groups, has said that customer account takeover is a weak point that is leading to fraud.
The vulnerability is created when criminals set up new iPhones with stolen personal information, and then call banks to provision the victim’s card on the phone to use it to buy goods.
Organised gangs are calling the bank’s call centre themselves to alert them to fake trips outside of normal location areas, so fraud barriers are not triggered.
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