Tuesday, March 13, 2012

Singaporeans affected by frauds transactions on iPhone & iPad

Some Apple customers have reported on illegal transactions. The average among is around $30-$40. All the banks involved are investigating and exploring ways to tackle the problem.

Hopefully Apple implements the 3-Domain (3D) Secure protocols by Visa, MasterCard and Amex which sends out a OTP (One-time password) via SMS whenever the customer wants to make a purchase or transactions. This added layer of security will serve to prevent frauds from happening and at the same time notify the customer that someone may be using his/her credit card illegally.

Till the day Apple/iTunes adopts the technology, we will have to be more careful and remember to check your bank accounts for unauthorized transactions.

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