A major security hole in iTunes accounts linked to PayPal let a group of fraudsters to charge thousands of dollars. One targeted customer said, "My account was charged over $4700. I called security at PayPal and was told a large number of iTunes store accounts were compromised." His email was filled with nearly 50 receipts from PayPall for $99.99 each. He was able to catch it before his bank disbursed funds to PayPal.
A quick search of Twitter and Facebook shows that the problem isn't isolated. Joey Bruce on Twitter laments: "Someone hacked my iTunes/paypal acct and drained everything from my bank account. Life is kicking me in the balls while I'm down."