I too have a concern for safety and the ease with which a magnetically attached Watch might be swiped from someone's wrist.
But, even worse, I fear this scenario:
Criminal: Give me your watch AND and your iphone...I know you have an iPhone because I see you've got an Watch.
Me: Okay, just don't hurt anyone.
Criminal: Okay, now that I've got your iPhone and your Watch strapped to my wrist and in contact with my skin, tell me your passcode so I can start charging things with NFC and your Watch.
Your scenario is a little outlandish (also having an aWatch on doesn't mean you have an iPhone with you) but...You are not responsible for fraudulent CC purchases. This would be the same as if your CC were stolen from you.
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