This past Wednesday, Apple agreed to settle a lawsuit, in which the plaintiffs were accusing the tech giant of knowingly letting scammers exploit Apple's iTunes gift cards. What's more, is that Apple kept a percentage of the stolen funds as a commission, of sorts: 70% of the stolen funds would be deposited into the fraudsters accounts while Apple kept 30%.
“The scam involves fraudsters who instill panic or urgency by insisting by phone that victims buy App Store and iTunes gift cards or Apple Store gift cards in order to pay for taxes, hospital and utility bills, bail and debt collection," according to the story in Reuters. The story also says that the victims most likely lost, "hundreds of millions of dollars" in the scam.
