Chinese Pirates crack Apple gift card algorithm

Chinese hackers crack apple gift card algorithm

$200 itunes gift cards selling for $2.20

More than one group of hackers in China have solved the algorithm that apple uses to generate the codes for their gift cards. This has led to a glut of fradulant gift cards in the market and the price dropping dramatically. The pirated gift cards used to go for $50 for $200. With all of the new entries into the game, a $200 itunes gift card is selling for $2.20.

There is no doubt that Apple will close this loop in their gift card system but it will be hacked again or the pirates will simply focus their attention on another popular gift card.

While Apple and other compaies who are attacked can certainly respond to the culprits by changing their algorithm, they have their hands tied a bit with the cards that entered the market under the scam. It is very hard for them to tell the fake ones once they are in circulation.

Gift Cards are very popular and in turn they are the focus of the under belly of the Internet. Criminals follow success.