Fraudsters Drain PayPal Accounts Through iTunes

by Mercator Advisory Group 0

Between Apple and PayPal, the two holdwell over 100 million accounts on file and that assumes enormous overlap. No doubt, this security breach involving iTunes and PayPal payments will get alot of attention in the coming days and weeks. Initial indications arethat the problem lies with iTunes. More to come.

Reports are appearing

this morning about a majorsecurity hole in iTunes accounts linked to PayPal. At least one group ofscammers has found a way to charge thousands of dollars to iTunes accountsthrough PayPal. One targeted customer said, “My account was charged over $4700.I called security at PayPal and was told a large number of iTunes storeaccounts were compromised.” His email was filled with nearly 50 receipts fromPayPal for $99.99 each.”

View article here:

http://techcrunch.com/2010/08/23/paypal-itunes-fraud/