MacDirectory magazine is the premiere creative lifestyle magazine for Apple enthusiasts featuring interviews, in-depth tech reviews, Apple news, insights, latest Apple patents, apps, market analysis, entertainment and more.
Issue link: https://digital.macdirectory.com/i/1522076
From household goods to entertainment services, apps have become a mainstream way for users to make purchases. Apple is diligent in its efforts to protect users’ financial information through its secure payment technologies like Apple Pay and StoreKit, which nearly 1 million apps use to sell goods and services on the App Store. And as fraud losses globally reach new highs, Apple helped prevent more than $1.8 billion in potentially fraudulent transactions on its platform in 2023. Apple takes credit card fraud extremely seriously and remains committed to protecting the App Store and its users. For example, when consumers make a purchase with Apple Pay, it uses a device-specific number and unique transaction code so a card number is never stored on a consumer’s device or on Apple servers. Additionally, credit and debit card numbers are never shared with developers, thus eliminating another risk factor in the payment transaction process. When consumers use Apple Pay to make a purchase online or in-app, cards with certain enhanced fraud prevention will enable a consumer’s device to evaluate information — such as their Apple ID, device, and location if they have Location Services for Wallet turned on — in order to develop on-device fraud prevention assessments. Apple also leverages a combination of advanced technology and human review to detect when a stolen credit card is being used for illicit purposes. In 2023 alone, Apple prevented more than 3.5 million stolen credit cards from being used to make fraudulent purchases and banned over 1.1 million accounts from transacting again. Keeping the App Store Safe Apple has dedicated an advanced suite of tools and resources to ensure the App Store is a safe and trusted place for users and developers. By thwarting the fraudulent efforts of bad actors, Apple ensures users can install software onto their personal devices knowing there are a number of safeguards in place to protect them, and developers have a reliable store with a strong reputation to distribute their apps and games. Apple will continue to invest in its long-standing commitment to protect the quality and security of the App Store in the best interests of all users and developers.