Latest news with #mobilewallet
Yahoo
11-08-2025
- Business
- Yahoo
Apple faces lawsuit over alleged theft of mobile wallet technology for Apple Pay
Apple is currently facing a lawsuit filed in the Northern District of Georgia, Atlanta Division, by Fintiv, which accuses the tech giant of illicitly acquiring mobile wallet technology used to develop its payment service, Apple Pay. Fintiv is has been providing patented digital solutions for merchant payments, cross-border transactions, and digital asset tokenisation, with more than 100 ecosystems deployed in over 35 countries. The legal proceedings, initiated by Kasowitz on behalf of Fintiv, claim that Apple was involved in a pattern of criminal activities, including wire fraud and misappropriation of trade secrets. These actions were allegedly part of a scheme to appropriate Fintiv's mobile wallet technology, which has been a factor in the success and revenue generation of Apple Pay. The lawsuit details that over a decade ago, Apple purportedly sought a business partnership with CorFire, Fintiv's predecessor, under the guise of licencing their mobile wallet technology. During 2011 and 2012, Apple is said to have attended meetings with CorFire, receiving confidential information under NDAs with the intention of forming a licencing agreement. Contrary to this, the lawsuit alleges that Apple used this information for its own benefit, subsequently launching Apple Pay in 2014 with features that Fintiv claims were derived from CorFire's technology. Furthermore, the complaint accuses Apple of creating an enterprise with banks and payment networks to utilise the contested technology in processing Apple Pay transactions, resulting in substantial annual earnings for the involved parties. The complaint alleged: "By modifying Apple Pay for use on four separate categories of its devices, Apple has repeated and compounded its theft by knowingly utilising Fintiv's stolen technology in the hundreds of millions of iPhones, iPads, Apple Watches and MacBooks it has sold worldwide." This legal challenge comes on the heels of a separate case that was dismissed last month, where Apple, Visa, and Mastercard were accused of engaging in anti-competitive payment practices. According to the lawsuit, Apple allegedly received a "cash bribe" from Visa and Mastercard in exchange for not competing with them in the payment industry, resulting in transaction costs. "Apple faces lawsuit over alleged theft of mobile wallet technology for Apple Pay " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
28-07-2025
- Business
- Finextra
Deutsche Bank to offer Wero payment acceptance
Deutsche Bank's Merchant Solutions business is integrating Wero into its payments acceptance offering ahead of the mobile wallet's launch in Germany. 0 Launched to harness the potential of account-to-account (A2A) payments to help European banks take on the might of Visa and Mastercard, the European Payments Initiative's Wero has already enrolled 40 million users across the first wave of markets it has entered. Having initially focused on P2P payments, the effort is about to target online checkouts. Deutsche Bank will enable clients to accept Wero in its home market as well as Belgium and France after go-live, with the Netherlands and Luxembourg to follow in a subsequent step. The bank - which is an EPI shareholder - says that the offering is not just for conventional merchants, it is also being opened up to market integrators and aggregators, such as fintechs and payment service providers. 'By integrating Wero, we will be able to offer our clients a modern and European alternative to current international payment solutions - a solution that is secure, efficient and deeply rooted in Europe. It will become one of the bank's core local payment methods,' says Corina Metternich, head, business product payment methods, Europe, Deutsche Bank.
CNA
13-06-2025
- Business
- CNA
How to protect your cards from mobile wallet scams with DBS
You're shopping online when you come across an irresistible deal. The price seems too good to be true – and unfortunately, it is. Without realising it, you've landed on a phishing site. Eager to secure the bargain, you enter your card details to make a payment. Soon after, an SMS message arrives, prompting you to add your card to your mobile wallet such as Apple Pay, Google Pay or Samsung Pay. Without a second thought, you enter the one-time password (OTP) sent to you. Everything appears normal – until you notice unauthorised transactions on your card. This scenario is playing out daily for hundreds of Singaporeans, who are falling prey to increasingly sophisticated mobile wallet scams. According to the Singapore Police Force, mobile wallet scammers made off with over S$1.2 million in just three months. In many of these cases, scammers trick victims into handing over OTPs, allowing them to link stolen card details to mobile wallets. Once the card is added, scammers immediately start making purchases, leaving the victim with fraudulent charges. As part of its efforts to counter the growing threat of mobile wallet phishing, DBS has introduced a new feature in its digibank app. To add a DBS or POSB card to a mobile wallet, customers must first enable the new Mobile Wallets toggle under the app's Payment Controls section. This toggle is switched off by default to block unauthorised additions and create a deliberate pause so users can verify the transaction before proceeding. For added security, the toggle can only be enabled for 10 minutes and will automatically switch off after. Mr Calvin Ong, head of consumer banking at DBS, said that the new feature encourages customers to stay vigilant when managing their digital transactions. SET MULTIPLE SAFEGUARDS WITH DBS PAYMENT CONTROLS DBS' digibank app lets customers take charge of their security with just a few taps. With Payment Controls, customers can protect themselves from unauthorised transactions if their card is misplaced, stolen or compromised. They can selectively disable e-commerce, cash advances, contactless payments, overseas in-store transactions or their card's overseas magnetic stripe when needed. Customers can temporarily lock a card if they suspect phishing activity or misplace their card. They can also set monthly spending limits for themselves and supplementary card holders to minimise risk. 'DBS is the first and only bank in Singapore to introduce comprehensive self-managed security features such as payment controls and security checkup in our digibank app,' said Mr Ong. 'These tools empower customers with multiple layers of protection, giving them greater control over their finances.' COMBATING SCAMS WITH BUILT-IN COGNITIVE BREAKS To help customers assess whether their credit card is being legitimately added to a mobile wallet, DBS has also introduced cognitive breaks into the user journey. These are intentional pauses in the transaction process that prompt users to slow down and review their actions, giving them a moment to consider whether the request is genuine. Cognitive breaks are part of DBS' broader anti-scam strategy, which includes self-managed tools such as customised alerts on the digibank app. Customers can choose to receive notifications for transactions above a specified amount – even as low as S$0.01 (excluding recurring charges like streaming subscriptions). DBS' ANTI-SCAM DEFENCE IN REAL TIME Beyond app-based features, DBS deploys real-time fraud surveillance, advanced security infrastructure and works closely with the Singapore Police Force's Anti-Scam Centre through embedded personnel who monitor and act on suspicious transactions in real time. The bank also drives public awareness of scams, while its Bank Safely Hub provides timely scam alerts and tips to help customers stay protected. 'As scams grow more sophisticated, joint vigilance with our customers is essential,' said Mr Ong. 'We will continue to expand our suite of self-managed security features, anti-scam educational resources and community outreach, to empower customers to take control of their own security.'
