On Tech It Out, we keep you informed about online scams affecting your finances and privacy. This time we shed light on a new scam that specifically targets iPhone users. Watch the report for more details.

Apple ID Loan Scam Explained

Authorities in China have arrested fraudsters involved in Apple ID loan scams, in which they tricked iPhone users into giving their Apple IDs and used those to exploit the victims.

Authorities in China have arrested fraudsters involved in Apple ID loan scams, in which they tricked iPhone users into giving their Apple IDs and used those to exploit the victims. Some of these scammers even used the name of Chief Executive Officer (CEO) of Apple, Tim Cook, to gain the trust of victims, the Techibee reported. Chinese authorities have arrested over 40 people involved in the scam. They have tricked over 20,000 people and extracted over 130 million yuan ($181,000,000). What is the Apple ID loan scam? Many people in China have become victims of the Apple ID loan scam. In this, the scammers extract the Apple ID from iPhone users posing as company employees and then use it to exploit them. The Apple ID loan scam in China reminds all iPhone users worldwide to secure their digital identities. How to stay safe from Apple ID loan scams? People usually use smartphones for personal and financial tasks, making them the perfect target for scammers. Digital security is a must, as it protects an individual's personal and financial information. To stay away from the Apple ID loan scam, users have to be aware of their digital security. Authorities suggest not sharing account details, personal accounts, and Apple IDs if you're applying for a loan or for any other reasons. The phishing email usually comes via an email, text message or phone call. It's easy to fall for many internet-related clients as these messages usually appear legitimate but aren't. Apple phishing scams have become common in the last few months. The email might look like it's from the App Store or Apple Pay account. Apple ID and password are crucial for an iPhone user as they give access to the App Store, Apple Music, iCloud, iMessage, FaceTime and other information, including contacts and payments. Other Apple ID scams Scammers have been using various ways to extract Apple IDs from iPhone users. In most cases, they pose as Apple support staff and say that your Apple ID or iCloud has been compromised. They ask for the password claiming that they would fix this. Sometimes, they leave an automated voice message directly to call a specific number for Apple support. In some cases, scammers send emails saying that your Apple ID was used by someone to make a purchase or it has been locked or your Apple Pay has been suspended due to suspicious activity. (With inputs from agencies)

What is Apple ID loan scam? How to stay safe from the latest online fraud?

Apple Inc's (AAPL.O) Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists that were incorrectly exempted from the consumption tax. Watch this video to know more.

World Business Watch: Apple Japan hit with $98 million in back taxes

Several cyber attackers have now found a new way to break into customers accounts in China and swipe off unknown amounts of cash - through their Apple IDs - Ant Financial’s Alipay,&nbsp;the operator of one of China's top two mobile payment apps, and Tencent Holdings Ltd. warned on Thursday.&nbsp;

As per reports by Bloomberg, in this rare security breach for China's digital payment providers, Alipay said on its Weibo blog that it has since contacted Apple and looking to resolve the issue as soon as possible.&nbsp;

'Alipay has contacted Apple many times...and the issue has not been resolved,' the post said.

It warned users who have linked their Apple identities to any payment services, including Tencent Holdings' WePay, to lower transaction limits to prevent further losses.

The breach has affected users of both Alipay and Tencent Holdings Ltd's WeChat and some users lost up to $288, state media outlet Xinhua said on Thursday.

The two companies have also told users to take safety steps to further prevent their Apple accounts like changing their passwords.&nbsp;

It’s unclear how the attackers goth their hands on the Apple IDs, which are required for iPhone users that buy content such as music from iTunes or the app store. Apple representatives haven’t clarified&nbsp;yet.&nbsp;

Apple was chastised by Chinese state media in July for the amount of spam being sent on iMessage, with media saying with the company's strict stance on privacy was hindering its ability to crack down on illegal behaviour

Several cyber attackers have now found a new way to break into customers accounts in China and swipe off unknown amounts of cash - through their Apple IDs - Ant Financial’s Alipay, the operator of one of China's top two mobile payment apps, and Tencent Holdings Ltd.

Several cyber attackers have now found a new way to break into customers accounts in China and swipe off unknown amounts of cash - through their Apple IDs - Ant Financial’s Alipay, the operator of one of China's top two mobile payment apps, and Tencent Holdings Ltd. warned on Thursday. As per reports by Bloomberg, in this rare security breach for China's digital payment providers, Alipay said on its Weibo blog that it has since contacted Apple and looking to resolve the issue as soon as possible. 'Alipay has contacted Apple many times...and the issue has not been resolved,' the post said. It warned users who have linked their Apple identities to any payment services, including Tencent Holdings' WePay, to lower transaction limits to prevent further losses. The breach has affected users of both Alipay and Tencent Holdings Ltd's WeChat and some users lost up to $288, state media outlet Xinhua said on Thursday. The two companies have also told users to take safety steps to further prevent their Apple accounts like changing their passwords. It’s unclear how the attackers goth their hands on the Apple IDs, which are required for iPhone users that buy content such as music from iTunes or the app store. Apple representatives haven’t clarified yet. Apple was chastised by Chinese state media in July for the amount of spam being sent on iMessage, with media saying with the company's strict stance on privacy was hindering its ability to crack down on illegal behaviour

Cyber hackers using stolen Apple ID's to steal cash from China's Alipay: Report

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Apple ID Loan Scam Explained

What is Apple ID loan scam? How to stay safe from the latest online fraud?

World Business Watch: Apple Japan hit with $98 million in back taxes

Cyber hackers using stolen Apple ID's to steal cash from China's Alipay: Report