[spicerguy]

Yes, but the verification is tied to the phone, not the card. The way this fraud works is that fraudster has their "own" iPhone, then "loads" single or multiple stolen card details (perhaps obtained by mail intercept / redirect of new or reissued cards). The beauty of this from a fraudsters perspective is that you could have a whole deck of cards (all associated with different providers and individual victims) in your Appple Pay wallet and if one gets declined, well, cycle to the next. It's not like the teller sees the card name, just a secondary wave of the (apparently) legitimate customers phone. It's a beautifully anonymous customer journey for a fraudster in any busy physical retail environment.

Edited for grammer