Apple Pay Hit by Wave of Fraudulent Transactions

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Apple Inc's mobile payment system Apple Pay has been hit by a wave of fraudulent transactions using stolen credit-card data from a spate of breaches at retailers, the Wall Street Journal reported, citing people familiar with the matter.

The transactions stemmed from breaches at retail giants including Home Depot Inc and Target Corp, the Journal reported on Thursday.

The majority of unauthorized purchases have been for big-ticket items bought with smartphones at Apple's own stores, the Journal said.

Apple could not be reached immediately for comment.

(Reporting By Darshana Sankararaman in Bengaluru; Editing by Ken Wills)

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