LoopPay is making deals with banks like Chase to allow them to modify the card's service code, to appear like a magswipe only account.
This will allow LoopPay / Samsung Pay to avoid the chip insertion request.
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Btw, has everyone here been reading the news about gangs using Apple Pay to make
millions of dollars of fraudulent purchases?
As much as 6% of the amount of Apple Pay purchases are being done by criminals pretending to be someone else. They enter stolen credit card info into iPhones, get "verified", and then use Apple Pay on the phones to buy high dollar items.... ironically, often at Apple Stores... that are then resold.
The criminals even call the banks to let them know that they'll "be on vacation out of town", so that fraud alerts won't kick in. Social engineering at its best.
A
banking industry consultant lays the blame on both Apple and the banks, for not setting up better verification ahead of time. He also mentions that Apple has been of little help tracking down fraudulent registrations, due to makeshift reporting methods.
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