Though I appreciate all of you who use Apple products immensely :), I'll not be joining you...neither here nor there however. My concern would be this....if for whatever reason, bogus charges are made, will Apple "eat the loss" like the CC companies do instead of the consumer?

Secure? I don't know of a credit card company that does not protect against improper charges. I have had a few reversed over the years.

Apple is not part of that process. Fraud is dealt with by the credit card companies.

How could bogus charges be made through Apple Pay? The credit card number is not stored on the phone. Any transaction using your phone requires your fingerprint. Apple Pay is as secure a system as you can get.

https://support.apple.com/en-us/HT203027

Apple Pay is very secure. Your card information is not stored on the phone or transmitted between the phone and the reader. Only a token is transmitted, that is a one-time encrypted code good for only that transaction. And of course Apple Pay requires a thumbprint and iPhones are very tough for even the FBI to crack.

Now, it is apparently possible to steal someone's card information and load that into another person's Apple Pay, if the victim's issuing bank doesn't have enough security to catch the fraud. But that strikes me as more of a stunt because Apple Pay doesn't work unless the person using it has an iCloud account, so the fraud could be easily traced back to that person. I'm also not sure that is really a weakness with Apple Pay, rather than with the issuing bank.

Using your physical card is very insecure. Anyone can read your number and CVV, and then use your card online. There are ways to intercept your PIN code. EMV chips should help a lot, but people can still see the number/CVV. I usually scratch off the CVV and just store that information in my iPhone.

Standing in line at a store adds nothing beneficial to my life. If I was told "you're going to have 10 minutes (or 2 mins) in which time, you can't be doing 'something', but you can choose what 'nothing' you do," I would not choose to stand in line at a store. Can I stand in line or wait someplace if I need to? Sure. I can have patience, but if I had a choice, I'd rather be someplace else doing nothing, even if that was just standing by myself in the neighborhood or sitting on the couch staring out the window.

Your CC company should still cover it like any other CC transaction because it's still a charge on that card. Apple won't have anything to do with it.

Yes, it's my understanding that basically, the only "security vulnerability" of Apple Pay is that if someone steals your card, they MIGHT be able to add it to their own iPhone. If you have Apple Pay enabled, and someone steals your CC, then they can probably add it to their phone. If you don't have Apple Pay set up through your bank, and they steal your physical card (or the numbers) then they may not be able to add it to their phone if your bank/credit union requires it to be enabled on your account ahead of time.

I know that before I could add my CC to my phone for AP, I had to go to the CU website and enable Apple Pay for that account.

So, the main security flaw that Apple Pay has is not anything new, but is the same flaw that you have if you don't have/use Apple Pay, someone stealing your card and/or numbers.

That is not a security flaw with Apple Pay. It has nothing to do with Apple Pay.

Only an idiot would steal your credit card and add it to his iPhone to use with Apple Pay. The security flaw would be with the credit card company, not Apple Pay. The their would be so easy to catch because the iPhone owner could be discovered easily.

Agreed.

In Europe we now have the facility for small transactions, $50 and under, to just hold our credit or debit card against the card reader. If someone steals your card, they can spend up to $50 at a time.
The card company would get suspicious if transactions suddenly became very frequent

But it has to be NFC cards.
I cannot do that with my cards.