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  • Writer's pictureBy The Financial District

App Store Stopped Nearly $1.5 Billion In Fraudulent Transactions In 2021: Apple

Apple is dedicated to keeping the App Store a safe and trusted place for people to discover and download apps. A key pillar in that effort is Apple’s ongoing work detecting and taking action against bad actors who seek to defraud developers and users.

Photo Insert: The tech giant prevented over 1.6 million risky and untrustworthy apps and app updates from defrauding users throughout the year.

Bad actors continue to evolve their methods of online fraud, often making their schemes harder to recognize. That is why Apple has continued to refine its processes, create new ones, and engineer solutions to take on these threats.

Last year, Apple released an inaugural fraud prevention analysis, which showed that in 2020 alone, Apple’s combination of sophisticated technology and human expertise protected customers from more than $1.5 billion in potentially fraudulent transactions, preventing the attempted theft of their money, information, and time — and kept nearly a million problematic new apps out of their hands.

Today, Apple is releasing an annual update to that analysis: In 2021, Apple protected customers from nearly $1.5 billion in potentially fraudulent transactions and stopped over 1.6 million risky and vulnerable apps and app updates from defrauding users.

Apple’s efforts to prevent and reduce fraud on the App Store require continuous monitoring and vigilance across multiple teams.

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From App Review to Discovery Fraud, Apple’s ongoing commitment to protect users from fraudulent app activity demonstrates once again why independent, respected security experts have said the App Store is the safest place to find and download apps.

As with all forms of fraud, Apple takes credit card fraud extremely seriously and is committed to protecting the App Store and its users from this sort of distress. In 2021 alone, as a result of a combination of technology and human review, more than 3.3 million stolen cards were prevented from being used to make potentially fraudulent purchases and banned nearly 600,000 accounts from transacting again.

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In total, Apple protected users from nearly $1.5 billion in potentially fraudulent transactions in 2021.

Apple’s efforts keep the App Store a safe and trusted place for users to find and download apps, and for developers to do what they do best: create. To help ensure that a trusted ecosystem is sustained for years to come, Apple will continue working to detect fraudulent activity and accounts, and prevent financial crimes.

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