I have read through this entire thread and I find comments like these completely baseless. If you invested all of your money with a Financial firm that ended up being a Ponzi scheme how would you feel? The fact is that this issue is receiving the attention it does from the lawmakers because of its "prey on consumers" nature. The fact that your account remains "unlocked" for 15 mins after you put in a password is just absurd. Ok, so they may have disabled that unlock timeout on the newer versions of the iOS, but for all the devices out there that still keep the account unlocked, it still remains a problem.
I just ran into this issue myself not because of something that was purchased, but rather because I "unlocked" my I-Phone to do an update. AN UPDATE!! Then while I was waiting for my update to finish, I let my daughter play on the phone. During that 15 min window, she managed to purchase 70 dollars worth of stuff in an in-game application. The applications are built to reference pay options as soon as the app loads (for example the free games that show the "remove ads" slogan right away). This is by DESIGN!! And for people to come on here and blame the parents for not knowing what their kids are doing is just plain BOGUS. I knew my daughter was playing the game she was. But I in no way knew that purchases to my account could be made without properly authenticating. I don't go to the store and buy groceries, leave, and then expect my card to be accessible to everybody else who came behind me for 15 mins.
Apple knows about this. The app developers know about this. All of this was done by design, just like someone doing a Ponzi scheme. It is crooked any way you slice it. Its deceiving and downright wrong. There is no other explanation for allowing a 15 min "unlock" to your account. Its got nothing to do with making it easier for the end-user. You don't get prompted for the password anyways unless you are doing a purchase or downloading, or accessing your account information. If end-users are complaining about that, then that is just plain lazy.