What your bank should be saying is Apple is secure and that your bank is not because they do not verify. Banks don't care that much about security because in the end, they do not get punished if they screw up. If you get your identity stolen because of their actions, well, it's tough luck. You have to clean up the mess. Banks are hacked all the time. In fact, they pay out millions to hackers every year to get back the info that was stolen. The criminals encrypt the data stolen and then demand ransoms from the banks to get it back. If you only knew how little security there is in the banking industry. What really is happening is that CC are stolen, whether one loses a wallet, or is stolen from a table etc, and then being added to the thief's iphone. Then they rack up charges before the person even realizes it. That happens everyday and is not exclusive to Apple. A thief doesn't need an iPhone to do that. CC fraud is so prevalent that a criminal sure doesn't need an iphone to rob you blind. They can steal info via wifi. They can skim your card. They can install keystroke software on your computer and every time you log into your bank or make on online purchase, they can steal your info. Fraud via Apple play is so small compared to regular CC fraud. I would bet the percentage of credit cards cancelled due to Apple pay is less than 1% of all credit card fraud. You are more likely to get your info stolen just by swiping your card at any store, atm or gas pump.
Do you know that the credit card skimmers at gas stations are locked with one universal key? Anyone who has access to make a copy of that key can open any gas pump in the US and place a fraudulent skimmer inside the pump, and you would never know it. It allows you to purchase the gas, your card is properly charged, and then it steals your info from that card.
