According to AppleInsider, Asian hackers have broken Apple’s algorithm for generating Gift Cards. For about $3, you can “buy” a generated gift card number that, supposedly, will give you $200 value on the iTunes store. This is like printing money, as there is no cost at all to the Hackers as they simply SMS or email you a gift card number after you send them money.
Read more about it on AppleInsider.
You can actually see the cards for sale
HERE on this Asian website. While not in English, it is fairly obvious what they are selling and for how much.
The real question is just how long will it take Apple to shut this down? And how will they do that without invalidating real cards? I suspect it will not be easy, and will most likely create quite a mess for Apple in the short term.
Given then economy, you can expect to see many more hacks of this type in the near future.
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