iPhone Passcode Thief Lays Out iOS Risks: Here's How Apple Is Responding
Portfolio Pulse from Erica Kollmann
Former iPhone thief Aaron Johnson revealed methods for stealing iPhone passcodes to access financial accounts, leading to identity theft. Thieves target public spaces, watch users enter passcodes, and then steal the phones to change Apple ID and FaceID settings. They exploit the devices to make purchases, notably at Target (TGT), before wiping and selling them. Apple (AAPL) responded by introducing 'Stolen Device Protection' in iOS 17.3, requiring biometric verification to change Apple ID or disable Find My iPhone.
December 26, 2023 | 10:26 pm
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NEGATIVE IMPACT
Target was mentioned as a major retailer where stolen iPhones were used to purchase Apple products using victims' payment apps and credit cards.
The mention of Target as a venue for fraudulent transactions could negatively impact the perception of security at TGT stores, potentially affecting the stock price in the short term.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Apple is introducing 'Stolen Device Protection' to enhance security on iPhones after a report on how thieves exploit iOS vulnerabilities to commit identity theft.
The introduction of new security features by Apple is likely to be viewed positively by consumers and investors, potentially increasing trust in the brand and its products, which could lead to a short-term positive impact on AAPL's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90