No. of Recommendations: 3
If you open your front door to anyone who knocks, that doesn't imply a failure of your deadbolt. Likewise, if you're a celebrity, and the answers to your iCloud security questions can be found on Wikipedia, that's not Apple's fault either.

As Joel asked: Does that MATTER?

To the person whose debit or credit card received fraudulent charges via ApplePay - I don't think it really matters what corporate entity 'caused' the issue. The fact is, the defrauded person's debit or credit card ended up with fraudulent charges and ApplePay was the way those charges were placed on the card. With Apple touting ApplePay as 'more secure' and having 'an additional layer of privacy' ( Apple has a responsibility to ensure that all parts of the system live up to those claims.

Until debit cards are required by law to protect the consumer with the same $50 maximum liability that credit cards have for up to 60 days after the statement with the fraudulent charge is produced, and until the law requires that while an investigation into fraudulent debit card charges is ongoing, the money must remain in the consumer's account so it is the bank's money that is at risk, not the consumer's, I will continue to refuse debit cards, as they do not have the same legal protections for the consumer that credit cards do. Because of the lesser legal protections and the risk to my money, if I had a debit card, I would not trust the debit card information to an app on any phone, be it an iPhone, an Android phone, a Windows phone, or any other phone.

I still stand by my first comment - Square Cash looked interesting until I saw that only debit cards may be used. This stipulation makes this app completely useless to me, whether through e-mail or on a phone. I will stick with ACH transfers, and take my chances on overdrawing an account because I mistakenly didn't allow enough time for the ACH transfer, or mistakenly spent more than my account contained and the other types of transfers that are available to me won't get there in time. Having never overdrawn a checking account since I opened my first one nearly 40 years ago, that's a risk I'm willing to take.

- opened another bank account just last week for a $175 reward and refused the offered debit card, accepting an ATM only card instead
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.