Chinese Anti-Black Card Alliance stops more than $1.5M in iOS scams

Just how much money are virtual currency “black card” scams costing Chinese iOS developers? The Chinese Anti-Black Card Alliance has stopped more than $1.5 million USD in fraudulent transactions in just six months.

Black card scams, so named because they use fake or stolen credit card numbers, operate mainly on Taobao — China’s eBay equivalent. Sellers on the site offer virtual currency at a steep discount, often 50 percent off the actual value. The currency is bought on iTunes accounts attached to fake or stolen credit card numbers from outside China, and then transferred to the buyer’s game.

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