• Sun. May 19th, 2024

Apple Says It Stopped $2B in App Store Fraudulent Transactions


May 17, 2023
Apple Says It Stopped $2B in App Store Fraudulent Transactions


The Apple Store has come a long way since it launched nearly 15 years ago, and as technology has accelerated, so has cybercrime. In 2022, the FBI received nearly 500,000 more reports of internet crime as compared to ten years prior.

With nearly 650,000 million weekly visitors according to company data, Apple has to be vigilant about cybercrime on the platform.

Apple is claiming that it has prevented more than $2 billion in potentially fraudulent transactions in its App Store, according to a press release released Tuesday. The tech giant also said it blocked nearly 3.9 million stolen credit cards from being used and rejected about 1.7 million app submissions that failed to meet Apple’s privacy and security standards — with some containing malicious code to steal user data.

“Over the years, Apple has improved its systems to continuously monitor and detect account fraud quickly,” the company wrote in the release.

Related: Cybercrime Will Cost The World $8 Trillion This Year — Your Money is in Danger. Here’s Why Prioritizing Cybersecurity is Crucial to Mitigate Risk

Amid the smartphone revolution, apps are major targets for hackers and fraudsters. Last year, Google banned dozens of apps from the Google Play Store for containing illicit data-harvesting malware.

Among the other security actions taken by Apple in 2022, the company detected and subsequently removed 428,000 developer accounts and 282 million customer accounts for “fraud and abuse” — issues ranging from spam to illegitimate storefronts.

According to the Cybersecurity and Infrastructure Security Agency, cybercrime is the No. 1 imposter scam in the U.S., with one in five victims reporting a financial loss.

Related: Why Is Cybersecurity Important for Your Business? Neglecting It Could Be Your Downfall.

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