Apple defends App Store policies, says it stopped nearly $1.5B in 'fraudulent transactions' last year
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Apple (NASDAQ:AAPL) has come under intense regulatory scrutiny over its App Store practices from lawmakers and companies around the world, but the company has defended the digital marketplace, noting it prevented "nearly $1.5 billion in fraudulent transactions" last year.
In a release, the tech giant noted the prevention of the transactions, as well as preventing more than 1.6 million apps and app updates due to how it runs the store.
"Appleâs efforts to prevent and reduce fraud on the App Store require continuous monitoring and vigilance across multiple teams. From App Review to Discovery Fraud, Appleâs ongoing commitment to protect users from fraudulent app activity demonstrates once again why independent, respected security experts have said the App Store is the safest place to find and download apps," the company said in the release.
Apple (AAPL) shares were fractionally lower to $148.69 in mid-day trading on Wednesday.
Breaking down data further, Apple (AAPL) said it rejected more than 34,500 apps which had "hidden or undocumented features" and more than 157,000 apps were rejected because they were either spam, copycats or misled users.
More than 343,000 apps were rejected because they asked for more data than necessary or were found to have mishandled data previously. Apple also said it detected and blocked more than 94 million reviews and more than 170 million ratings.
It also said it prevented more than 3.3 million credit cards that were stolen to make purchases. 
Apple (AAPL) is facing scrutiny in the U.S. over its App Store practices and the commissions it takes for paid apps, including a long-standing legal battle between it and Fortnite maker Epic Games.
It is also facing scrutiny in Europe, where the proposed Digital Markets Act could upend how the App Store works in the bloc.
Apple (AAPL) has repeatedly said that the pending legislations in both parts of the Western world would hurt user privacy.
Wedbush Securities recently said Apple (AAPL) is likely to be one of the main beneficiaries as supply chain issues in Asia have started to improve.