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Could Apple Pay reduce credit card fraud?

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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.

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