Apple's antifraud technology has blocked more than $7 billion in potentially fraudulent transactions in four years, the company states in its latest annual fraud prevention analysis.
From 2020 through 2023, the company also detected more than 14 million stolen cards and blocked them from transacting on its platform along with 3.3 million accounts.
Statistics for last year show that Apple stopped $1.8 billion in suspicious transactions, slightly less than the $2 billion blocked in 2022.
The report also notes that Apple also prevented throughout 2023 the use of 3.5 million stolen credit cards for purchases made on its App Store and banned over 1.1 million accounts from transacting again.
The App Review team, which consists of 500 experts, examined 6.9 million app submissions in 2023 and discovered violations that led to rejecting 1.7 million requests.
Apple last year terminated 118,000 accounts and turned down 91,000.
Customer accounts have also been found to be fraudulent or engaged in illegal activities, which led to blocking or deactivating them.
Finally, out of the 1.1 billion app ratings and reviews that users submitted to the App Store in 2023, 152 million were deemed fake/fraudulent and were removed.
Apple expressed a strong commitment to continuing and enhancing its efforts to ensure the security and integrity of the App Store, investing in security, expanding its anti-fraud initiatives, and further strengthening its secure payment technologies like Apple Pay and StoreKit.
Users can also take action to protect themselves from fraud.
Despite the stringent policies for apps to be included in the App Store, some threat actors still manage to bypass the review mechanisms and plant bad apps.
This year, there have been two high-profile cases of fake apps added to Apple's repository, one mimicking the LastPass password manager and another impersonating the Leather cryptocurrency wallet.
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This Cyber News was published on www.bleepingcomputer.com. Publication date: Wed, 15 May 2024 17:45:09 +0000