China's Global Times newspaper is reporting today that over 50,000 stolen iTunes accounts are currently being sold via taobao.com, a Chinese online store.
Some of the accounts are selling for as cheap as 1 yuan (about $0.15 USD) with others going for as high as 200 yuan ($30.15 USD).
An investigative journalist for the paper says he was able to quickly purchase an account for 33 yuan, given an iTunes username and password, and inevitably the user's credit card and billing address.
Says the report:
It is unclear whether all the accounts were stolen through phishing or if some of the accounts were created by taobao users with stolen credit cards.
Apple was quick to respond:
An investigative journalist for the paper says he was able to quickly purchase an account for 33 yuan, given an iTunes username and password, and inevitably the user's credit card and billing address.
Says the report:
Potential buyers are promised access to music and movies through iTunes amounting to seven times more than the amount paid. The only restriction is that all downloads should be made within 24 hours of the transaction being completed at [the site].
It is unclear whether all the accounts were stolen through phishing or if some of the accounts were created by taobao users with stolen credit cards.
Apple was quick to respond:
We're always working to enhance account security for iTunes users. If your credit card or iTunes password is stolen and used on iTunes, you should contact your financial institution about any unauthorized purchases, and be sure to change your iTunes password right away.
