Apple says it stopped $2 billion in fraudulent app store transactions

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The Apple Store has come a long way since its launch nearly 15 years ago, and as technology has accelerated, so has cybercrime. In 2022, the FBI received nearly 500,000 more Internet crime reports compared to ten years before.

With close to 650,000 million weekly visitors according to company data, Apple You have to watch out for cyber crimes on the platform.

Apple claims it has prevented more than $2 billion in potentially fraudulent transactions on its App Store, according to a Press release released Tuesday. The tech giant also said it blocked the use of nearly 3.9 million stolen credit cards and rejected around 1.7 million submissions of apps that didn’t meet Apple’s privacy and security standards, some containing code. malicious to steal user data.

“Over the years, Apple has improved its systems to continually monitor and rapidly detect account fraud,” the company wrote in the statement.

Related: Cybercrime will cost the world $8 trillion this year – your money is at risk. Here’s why prioritizing cybersecurity is crucial to mitigating risk

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

Among other security actions taken by Apple in 2022, the company subsequently detected and 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 Agencycybercrime is the #1 imposter scam in the US, with one in five victims reporting a financial loss.

Related: Why is cybersecurity important to your business? Neglecting it could be your downfall.