“Ant Financial’s Alipay and Tencent Holdings Ltd. warned that cyber-attackers employed stolen Apple IDs to break into customers’ accounts and made off with an unknown amount of cash, in a rare security breach for China’s top digital payments providers,” Bloomberg News reports.

“Alipay, whose parent also operates the world’s largest money market fund, said on its Weibo blog that it contacted Apple and is working to get to the bottom of the breach. It warned users that’ve linked their Apple identities to any payment services, including Tencent’s WePay, to lower transaction limits to prevent further losses,” Bloomberg News reports. “Tencent said in a separate statement it too had noticed the cyber-heist and reached out to the iPhone maker.”

“It’s unclear how the attackers may have gotten their hands on the Apple IDs, which are required for iPhone users that buy content such as music from iTunes or the app store,” Bloomberg News reports. “Many Alipay and WePay customers that’re also iPhone users link their digital wallets to their Apple IDs. Once they’ve gained access, online thieves can transfer cash to external accounts.”

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MacDailyNews Take: Yikes!