Apple has stopped over $1.5 billion in possibly fraudulent transactions, a company blog said Wednesday (June 1).
The company said it’s stopped more than 1.6 million risky and vulnerable apps and app updates from defrauding users.
The tech giant said this comes with a requirement of “continuous monitoring and vigilance” through numerous teams.
The technological world has seen a new glut of fraud and crime, some stemming from the move to digital as the pandemic kept people from doing things in person.
“Bad actors continue to evolve their methods of online fraud, often making their schemes harder to recognize,” the company wrote. “That is why Apple has continued to refine its processes, create new ones, and engineer solutions to take on these threats.”
Apple says the processes it uses include App Review, which combines computer automation with manual human review, and uses proprietary tools to leverage machine learning, heuristics and App Store data.
App Review also involves reviewing app submissions to make sure user data is handled appropriately, with the team rejecting more than 343,000 apps in 2021 for requesting more user data than was necessary or mishandling the data they had already.
See also: Legacy Banks Must Step up Real-Time Data Analytics
PYMNTS wrote that the new digital-focused world has seen mobile driven consumers wanting more streamlined, easy ways to use services — though some legacy banks have been having a hard time delivering in a timely way with the right kind of security.
The banks have been under lots of external pressure from the over 500 digital banks trying to get licensed, which are drawing market share through claims of better styles of banking.
Along with more regulation licensing more new digital banks, and the effect of COVID-19, the legacy banks have been having trouble keeping up with new tech to get the most out of the data they collect.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More