Just saw this thread on the SomethingAwful forums and thought I'd post it here.
And here's an article on About.com about it.
Just a head's up, apparently this is a scam that's making the rounds right this minute.
Charges come through from Apple's iTunes store for < $70.
I just got 5 transactions today totaling around $150.
Merchant tag is "POS DEBIT APL*ITUNES 866-712-7753 CA".
That number is useless. Just tells you to go to Apple's website where they tell you to email them. They then proceed to deny responsibility.
You shouldn't be stupid like me an pretend your credit card information is safe on iTunes. Remove that poo poo now by going to Store -> View My Account.
And here's an article on About.com about it.
Many victims of the fraud are having trouble fixing the situation. Neither the banks nor Paypal nor Apple accept ownership. Meanwhile, victims are left without hundreds, even thousands of dollars.
Brett Larson with MyFox recommends deleting your credit card information from iTunes. Instead, he suggests you fund your account with an iTunes gift card. The cards can be purchased from many retailers like Wal-Mart, Target, and Best Buy. Or, you can make iTunes purchases with single-use credit card number available from your credit card company.