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Apple Probing Growing Cases of iTunes Credit Card Fraud in Singapore: Report

Apple Singapore told Channel NewsAsia that they are looking into the matter, while highlighting that their support page provides an avenue for customers to report any problems with purchases made on iTunes

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Apple lowers Q1 revenue guidance on slow iPhone sales.

Apple Singapore is looking into the growing cases of fraudulent credit card transactions made via iTunes, the media reported.

iTunes is Apple’s entertainment app and users can buy music and movies via the iTunes Store.

But in Singapore, tens of Apple customers have been billed for charges they did not make on their iTunes accounts, ChannelNews Asia reported on Sunday.

The customers were banking with several banks in the region, including the DBS and Oversea-Chinese Banking Corporation (OCBC).

At OCBC alone, there were 58 cases of fraudulent transactions in July, the report said.

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In Singapore, tens of Apple customers have been billed for charges they did not make on their iTunes accounts. Pixabay

“In early July, we detected and investigated unusual transactions on 58 cardholders’ accounts. Upon confirmation that these were fraudulent transactions, we deployed the necessary counter-measures and are currently assisting the affected cardholders via the chargeback process,” Vincent Tan, Head of Credit Cards at OCBC Bank was quoted as saying.

Channel NewsAsia talked to two victims who lost at least $5,000 each to iTunes purchases. One of them, who was billed on her HSBC credit card, said she only realised something was amiss when she got an alert from HSBC that she had less than 30 per cent of her credit limit left.

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She realised the extent of the issue after speaking to a customer service operator.

Apple Singapore told Channel NewsAsia that they are looking into the matter, while highlighting that their support page provides an avenue for customers to report any problems with purchases made on iTunes. (IANS)

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Apple Accused of Fraud for Hiding Dop in iPhone Sales: Report

Apple’s disclosures in January caused its stock price to fall by more than $15 per share, or more than 9 percent

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The Apple logo is shown outside the company's Worldwide Developers Conference in San Francisco, California. VOA

A lawsuit filed in the US has alleged that Apple violated the country’s Securities Exchange Act by hiding a slowdown in the demand for iPhones, especially in China, the media reported.

The City of Roseville employees’ retirement fund filed the suit on Tuesday in Northern California US District Court, The Mercury News published from San Jose reported.

The lawsuit claimed that Apple knew in November its iPhone sales were hit, but refrained from revealing it to investors then, leading to economic loss for investors.

The lawsuit seeks class-action status, to bring in everyone who bought Apple common stock between November 2, 2018 and January 2, 2019, the report said, adding that the plaintiff is seeking a jury trial and unspecified damages.

Apple in November said it had gone into the holiday season with its “strongest lineup of products and services ever,” according to the suit.

But in reality, the US trade war with China was hurting the iPhone sales and Apple and its CEO Tim Cook were aware of it in November, claimed the lawsuit which said that Apple disclosed the “true state” of its first quarter iPhone sales only in January.

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Apple CEO Tim Cook speaks during a data privacy conference at the European Parliament in Brussels. VOA

The suit alleged that Apple and Cook’s “materially false and misleading statements” in November propped up the company’s stock, “which continued to trade at artificially inflated prices”.

But in January, Apple lowered its revenue guidance for fiscal 2019 first quarter, which ended on December 29.

In a letter to investors, Cook said that the company now expects a revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.

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Cook acknowledged that the revenue shortfall in its guidance was partly due to China’s trade tensions with the US. The slowdown in the Chinese economy also impacted its revenue, he said.

Apple’s disclosures in January caused its stock price to fall by more than $15 per share, or more than 9 percent, the suit claimed. (IANS)