seanismorris

MplsP said:

According to this article I found online, the number given in the app is actually a virtual number. The actual card number is stored in the magnetic stripe on the card itself. If this is the case, Requesting a ‘new card number’ is really just assigning a new virtual card number. If the actual number on the card gets compromised, you’re probably still stuck getting a new physical card. Making virtual numbers, either via Apple Pay, the card chip, or the card app the default method of payment is clearly more secure, and greatly simplifies the old process of getting a new card, since GS simply needs to generate a new virtual number and link it to your account. 

the system isn’t without flaws, however. If the true account number is actually stored on the physical card, as the tech crunch article says, it’s still vulnerable to skimming - if a gas pump has a skimmer installed, or if a shady waiter has one in their pocket, they can get access to your card’s data. Also, if you can only have one virtual number at a time, that means you’re still stuck with the hassle of changing the info with all the vendors with whom you have recurring payments. The biggest problem is that the most common source of account compromise/fraud is with online vendors. Since Apple Pay with online merchants is the exception, not the norm (and I’ve had mixed luck with it, even among those who do accept it,) the problem of getting your number hacked will likely not improve significantly. 

Of all the times my accounts have been compromised, I’ve never had to pay a dime. Ultimately, the security really benefits GS, not consumers. Indirectly, it is possible that lower institution costs could translate to lower interest rates, etc, so we’ll see. 

https://techcrunch.com/2019/03/28/how-apple-card-works/