APPLE PREVENTED OVER $7 BILLION IN FRAUDULENT APP STORE TRANSACTIONS IN FOUR YEARS

Mon 03 June 2024:

Apple has blocked more than $7 billion in potentially fraudulent transactions on its App Store over the past four years. Between 2020 and 2023, the company also stopped over 14 million stolen credit cards and 3.3 million accounts from making transactions.

In a statement, Apple revealed that it prevented over $1.8 billion in fraudulent transactions in 2023 alone. The company has expanded its antifraud measures to keep up with evolving digital threats and safeguard its users.

Last year, Apple rejected over 1.7 million app submissions for not meeting the App Store’s strict privacy, security, and content standards. Additionally, Apple terminated nearly 374 million developer and customer accounts and removed about 152 million ratings and reviews due to fraud concerns.

In 2023, Apple terminated nearly 118,000 developer accounts, a significant decrease from the 428,000 terminations in the previous year. The company also blocked almost 3.8 million attempts to install or launch apps distributed through illicit means under the ‘Developer Enterprise Programme.’

Apple emphasized that blocking apps from pirate storefronts protects developers from having their apps modified or used to distribute malicious software. Last year alone, over 375,000 app submissions were rejected for privacy violations.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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