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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) by MostCynical on Wednesday August 10 2016, @11:44PM

    by MostCynical (2589) on Wednesday August 10 2016, @11:44PM (#386441) Journal

    Apple demands a slice of every transaction
    The banks want to be "in" with the iMob.
    Three banks (of four, ANZ bank has negotiated something separately) get together to negotiate.
    Apple cries foul (divide and conquer!)

    Every single one (apple, the banks) can be called profiteering bastards.
    They ALL want to gouge.

    --
    "I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
    Starting Score:    1  point
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  • (Score: 2, Interesting) by Demena on Thursday August 11 2016, @01:02AM

    by Demena (5637) on Thursday August 11 2016, @01:02AM (#386462)

    In this case I think the trouble is the banks want 4% but Apple only wants to charge (and pay them) 1.5%. This may not be accurate as I am going by memory of a number of articles over the last year. In this case it seems to me that the banks are behaving badly and Apple is protecting customers.

    • (Score: 2) by c0lo on Thursday August 11 2016, @05:27AM

      by c0lo (156) Subscriber Badge on Thursday August 11 2016, @05:27AM (#386519) Journal

      In this case I think the trouble is the banks want 4% but Apple only wants to charge (and pay them) 1.5%. This may not be accurate as I am going by memory of a number of articles over the last year. In this case it seems to me that the banks are after all your children while Apple only wants your first born

      FTFY

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