" According to Apple, 200 million people have stored their credit " card information on iTunes.
That should be "... 200 million foolish people ..."
How many times have Apple's servers been hacked? According to a Google search ("when was apple hacked"), the last time was over the July 4, 2011 weekend. Have people already forgotten the SONY Playstation hacks earlier this year?
On June 6, 2011, the iTunes systems were hacked and credit card info was retrieved per:
suggests Apple's security is lax.
Entrusting one's finances to so-called "smart phones" and online vendors seems like a dumb idea.
***** Moderator's Note *****
Bruce "Secrets and Lies" Schnier is fond of pointing out that online commerce only works because people know that their liability for credit-card fraud is $300 at worst (at least in the U.S.), and also know that most banks will call them if any large, unusual charge shows up.
Schnier has predicted that improvements in network and server security will be driven by the insurance industry, which is, after all, the party with the biggest stake in the game.