Apple Thwarts $1.8 Billion in Fraudulent Transactions on App Store During 2023
Apple Thwarts $1.8 Billion in Fraudulent Transactions on App Store During 2023
Apple detailed its robust efforts in combating fraudulent transactions on the App Store from 2020 to 2023 in a recent announcement. The company underscored the increasing digital threats and highlighted its proactive measures to safeguard users from scams and phishing attempts. Over the stated period, Apple reported successfully preventing a substantial $7 billion (approximately Rs. 58,440 crores) in fraudulent transactions within the App Store ecosystem. Additionally, the tech giant thwarted more than 14 million attempts involving stolen credit cards and blocked over 3.3 million accounts to prevent further illicit activities.
In a comprehensive newsroom post, Apple emphasized its continuous expansion of anti-fraud initiatives to adapt to evolving digital threats. The company’s dedicated teams diligently monitor and investigate fraudulent activities daily, leveraging advanced tools and technologies to identify and remove malicious actors, thereby fortifying the security and integrity of the App Store ecosystem.
During the year 2023 alone, Apple disclosed that it successfully prevented fraudulent activities amounting to $1.8 billion (roughly Rs. 15,030 crores), underscoring the ongoing vigilance against fraudulent practices. Furthermore, Apple rejected more than 1.7 million app submissions throughout the year for failing to meet stringent standards pertaining to privacy, security, and content quality. The company also took decisive action by terminating approximately 374 million developer and customer accounts deemed in violation of its guidelines and removed nearly 152 million ratings and reviews due to suspected fraudulent activities.
Apple’s proactive stance in combating fraud underscores its commitment to maintaining a secure and trustworthy digital marketplace for its global user base. The continuous enhancement of anti-fraud measures reflects Apple’s dedication to protecting consumer interests and preserving the credibility of the App Store as a reliable platform for app developers and users alike.
Apple revealed its efforts to prevent fraudulent transactions via the App Store between 2020 and 2023 on Tuesday. The Cupertino-based tech giant highlighted the rise of digital threats and the measures it has taken to protect users from falling for scams and phishing attacks. The company said it has prevented transaction frauds in the App Store totalling $7 billion (roughly Rs. 58,440 crores) in the given period. It also blocked more than 14 million stolen credit cards, and over 3.3 million accounts from transacting again.
The details of Apple’s efforts were published by the company in a newsroom post, where it said, “As digital threats have evolved in scope and complexity over the years, Apple has expanded its antifraud initiatives to address these challenges and help protect its users. Every day, teams across Apple monitor and investigate fraudulent activity on the App Store, and utilise sophisticated tools and technologies to weed out bad actors and help strengthen the App Store ecosystem.”
Sharing more data, the tech giant said that in the year 2023, it was able to prevent frauds worth $1.8 billion (roughly Rs. 15,030 crores). Further, it rejected more than 1.7 million app submissions from the App Store for not meeting Apple’s standards around privacy, security, and content. It also terminated the accounts of roughly 374 million developers and customers and removed nearly 152 million ratings and reviews due to concerns of fraud.
