Move comes just days before Apple Pay comes to Apple Watch
In the wake of erroneous reports in the mainstream media that Apple Pay was in some fashion vulnerable, compared to our more accurate analysis of the issue, they at least got one point right -- many banks had light security on Apple Pay card account establishment. Over the course of the week, and in light of the negative publicity, this appears to be changing. Reports are coming in that some of the more vulnerable banks are tightening up Apple Pay account establishment, with multiple identification steps required, where there may have previously only been one, poorly-secured, method of adding credit cards.
Institutions having to redouble efforts to guard against traditional fraud, identity theft
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.
Fraudulent filings on the state level on the increase
Intuit, the company behind TurboTax, announced today that it has temporarily stopped the processing of state tax returns, in light of an increasing concerns over fraudulent filings. As of February 5, TurboTax has paused state filings, and Intuit hopes to resume transmitting state filings today. The company is working with state governments to clear up the mystery of the fraudulently-filed returns and allow filing to resume.
Cooler company denies bankruptcy claims, customers not affected by changes
After years of corporate fraud carried out by high-level executives in its parent company Moneual, there was concern that computer cooler manufacturer Zalman Tech could go under. However, it appears that the company will undergo several changes in order to live on, as indicated by statement released from the company today.
Company known for cooling solutions halts stock trading, seeks bankruptcy protection
For PC enthusiasts, Zalman Tech Co. is a household name for cooling components, but it now looks like the name could fade into obscurity. The South Korean company filed for bankruptcy protection in the Seoul Central District Court on November 3, after it was discovered that top-level executives in its parent company Moneual engaged in corporate fraud.
Inheritance of fraud from previous company heads caused lower sentences
Former bosses at Olympus have avoided going to prison over the $1.7 billion accounting fraud scandal. Tsuyoshi Kikukawa, a previous chairman at the camera company, and auditing officer Hideo Yamada received three year sentences that are suspended for five years, while executive vice president Hisashi Mori was handed sentence for two and a half years, suspended for three.
Mastermind sentenced to up to nine years
A 29-year-old New York man and his girlfriend will serve up to 12 years in prison for creating and running a credit-card fraud ring that resulting in the illicit purchase of more than a million dollars in Apple merchandise, victimizing Apple retail stores from coast to coast. The "S3" group, which eventually grew to include 27 people, created fake credit cards based on stolen card numbers, then bought Apple gear and resold them.
Ex-CEO Woodford agrees settlement ahead of whistle-blowing trial
Olympus ex-CEO Olympus Michael Woodford has agreed to a settlement with his former employer. An employment tribunal due to run in London this week would have seen Woodford asking for 10 years pay as compensation for being fired from the camera maker, after he emerged as a whistle blower on $1.7 billion in fraudulent accounting practices over a 20-year period. According to Reuters, the undisclosed settlement is expected to be less than the $60 million originally believed to be requested.
Painted black with Apple logo on back
A woman at a McDonald's in Spartanburg, South Carolina was tricked out of $180 and ended up with a hand-painted plank of wood masquerading as an iPad with a home-made representation of an Apple logo on the back and an iPad screen on the front due to a scam, an in-person variation of the "brick in a box" mail order swindle, MSNBC. Authorities are on the lookout for two black males, one of which has a gold tooth, who were driving a white Impala with no rims and no tinting.