Cupertino pitched Apple Card as the greatest credit card in history. Instead, the card generated negative PR based on accusations that the algorithm used to decide credit limits is discriminatory.
Even Apple co-founder Steve Wozniak complained about the supposedly sexist algorithm. Woz said he received 10 times more credit than his wife, despite sharing bank accounts and assets. Here’s how Apple became the latest tech giant to be accused of algorithmic bias — and what that means.
Apple partnered with Goldman Sachs to launch Apple Card. But that doesn’t guarantee that the two entities will always see eye-to-eye.
Late last week, Goldman Sachs cut its price target on Apple shares to $165. That gives it the lowest expectations for Apple of all major Wall Street banks. Following the news, Apple hit back at its partner, arguing that its claims were ill-founded.
The new Apple Card offers some unusual security features, all designed to prevent this credit card’s number from being used without authorization, either in a store or online.
The fact that the card number isn’t printed on it anywhere is just the start. “The real key to the enhanced security here is happening behind the scenes,” said Craig Vosburg, President of Mastercard North America.