10 banks, including JP Morgan experienced a data breach and customer information was stolen. There was no money actually taken from their accounts but they were effected by their credit cards. The Apple pay system is a way around this credit card problem. Vinny Troia, Hacking Forensic Investigator and CEO of Night Lion Security, a St. Louis Cyber Security and digital forensics firm, discusses this topic on Fox Business.
The Apple pay system was created to revolutionize things because there is no potential to intercept the credit card number. Troia explains that the next big thing to happen will be for hackers to match usernames and passwords of people’s bank accounts and drain all of their money out. When this eventually happens, banks will have to make sure all of the people affected get their money back.