Apple Pay Said Accepting Stolen Card Data for Purchases (AAPL)

Apple (Nadaq: AAPL) is really pushing for wider adoption of its Apple Pay platform, but is the service as safe as it could be?

According to the WSJ, the answer may very well be no.

The report has Apple Pay being hit by a slew of transactions that use stolen credit-card data. Roughly 80 percent of unauthorized transactions have been for big-ticket items at Apple's own stores. The transactions were conducted using smartphones, sources said.

While Apple Pay isn't being used to steal data, the system appears to be accepting stolen card data into phones.

Apple hasn't provided hard data for its Apple Pay user base, but the company does say that it accounts for two out of every three purchases made via a mobile device in the U.S.

The news indicates that stolen consumer data can still be a valuable commodity, despite the move into higher-tech forms of payment.

Still, as the transition to safer payment systems continues, it's less likely that hackers will be able to get at personal data, which could curb the market over the next several years.

Shares of Apple are up 1.5 percent.

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