Could Apple Pay reduce credit card fraud?, iPhone6 PF SpGry iPhone6plus PF SpGry Amex PRINT 1024 0001

First, Apple does not store the actual credit card data on the iOS device, or on iCloud. The payment information is encrypted and stored in a “Secure Element.” When you initiate a transaction, Apple Pay generates a one-time key based on the encrypted information, and that’s what is shared with the point-of-sale system. For added protection, Apple Pay transactions from an iPhone also require fingerprint authentication using Touch ID.Macworld

Maybe.