Commuters who use Apple Pay to tap in and out of public transport could be at risk of having “unlimited” sums of money stolen from their Visa payment cards. Researchers from two British universities identified a vulnerability that occurs when an Apple Pay user sets a Visa credit or debit card as their “Express Transit” payment option in their iPhone’s wallet. In a video demonstrating the vulnerability, the researchers were able to take a £1,000 contactless payment from a locked iPhone. The researchers said the security flaw only occurred when using a combination of Apple Pay and Visa. Other combinations such as Apple Pay and Mastercard or Samsung Pay and Visa were not affected. [Euro News]
The buy now, pay later services that let shoppers settle up for their purchases in four interest-free installments have so far been the domain of start-ups. But now a traditional financial player is moving in with an option of its own: Mastercard. The company announced plans for a new pay-later offering that it said would enable banks, financial technology companies, digital wallets and other lenders to provide a variety of installment payment options to their customers, whether they are making purchases online or in a store. [The New York Times]
Painful Debt: How Credit Card Bills Can Hurt Your Health
It’s easy to quantify the pain that high levels of debt can cause to one’s finances. But causing pain to the actual body? According to new research, the ache you may feel or the stiffness after work may also relate to the amount of debt you have. Researchers evaluated Baby Boomers as they aged, starting from 28-to-40 and then checking them again at 50 years old. They separated the group into the levels of unsecured debt, like the debt you take on by owing on credit cards or taking out payday loans. The results found a significantly higher rate of physical pain among those with high unsecured debt. [Forbes]
As Americans Spend, Credit Card Debt is Ticking Back Up
Early in the pandemic, there were encouraging and surprising signs about the decline of credit card debt. Now, that trendline seems to be changing. Many Americans stayed at home at the start of Covid-19 and did not spend like they usually do. They also received several rounds of emergency cash assistance, helping to chop away at those credit card bills. Spending is ticking back up, and the results are starting to show up on our monthly statements. [Reuters]
