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Apple says Australia's Banks Pose a Security Threat to iPhones

posted by n1 on Wednesday August 10 2016, @08:46PM   Printer-friendly
from the pot-meet-kettle dept.

Arthur T Knackerbracket has found the following story:

Apple has launched a blistering attack on three of Australia's big banks, saying their request to collectively negotiate over digital wallet access to the iPhone will compromise the handset's security, reduce innovation and blunt Apple's entry into the payments market in Australia.

In a sign of growing acrimony between the world's largest company and the Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp, Apple told the Australian Competition and Consumer Commission that "allowing the banks to form a cartel to collectively dictate terms to new business models and services would set a troubling precedent and delay the introduction of new, potentially disruptive technologies".

The three large banks made an application in late July with Bendigo and Adelaide Bank seeking authorisation to collectively negotiate with the technology giant, which has locked the banks and other third-party providers of digital wallets off the iPhone platform in favour of its own Apple Pay.

In a pithy, three-page submission to the ACCC, Apple says providing access to the phone's transmitter to allow bank applications to facilitate contactless payments would compromise the security of Apple's hardware.

Original Submission

 
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  • (Score: 2, Funny) by Anonymous Coward on Wednesday August 10 2016, @09:50PM

    by Anonymous Coward on Wednesday August 10 2016, @09:50PM (#386399)

    This is so people won't need to carry a wallet around when buying stuff, right? Without co-operation from Apple, can't the banks just embed NFC chips in credit cards and distribute the cards with double-sided tape so people can stick the cards to the backs of their mobiles?

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  • (Score: 0) by Anonymous Coward on Wednesday August 10 2016, @11:17PM

    by Anonymous Coward on Wednesday August 10 2016, @11:17PM (#386429)

    That is what I do
    It is called tap and go

    If I wanted tap and go with my phone I expect that my bank would have an app. Why involve Apple?

  • (Score: 2, Informative) by Demena on Thursday August 11 2016, @12:49AM

    by Demena (5637) on Thursday August 11 2016, @12:49AM (#386457)

    They do do precisely that. And they charge for it. It is my belief that they have trained operators to 'misunderstand' and sell you what you do not want. I want fingerprint or password access required to authenticate all transactions as a security issue. The card 'stuck on the side' does no verification. It is simply inadequate.

    • (Score: 2) by Scruffy Beard 2 on Thursday August 11 2016, @01:38AM

      by Scruffy Beard 2 (6030) on Thursday August 11 2016, @01:38AM (#386474)

      In Canada it is supposed to randomly ask for a PIN every $100 in spending or so.

      Sounds like a perfect excuse to get the PIN with a tampered reader.

      • (Score: 2) by quacking duck on Thursday August 11 2016, @04:58PM

        by quacking duck (1395) on Thursday August 11 2016, @04:58PM (#386647)

        I've had NFC on my main credit card for years and it's never asked for a PIN when tapping.

        However, I'm doing a good mix of tap and chip+PIN (don't seem to have tap option in most restaurants), so maybe it thinks that's good enough.

  • (Score: 3, Funny) by c0lo on Thursday August 11 2016, @05:24AM

    by c0lo (156) Subscriber Badge on Thursday August 11 2016, @05:24AM (#386518) Journal

    and distribute the cards with double-sided tape so people can stick the cards to the backs of their mobiles?

    It may be because Apple has a design patent on sticking a card with double sided tape to a mobile, lemme check.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford