Unauthorized users are able to get access to an unlocked device and use it to make purchases with mobile payment apps by using financial data from them to open new accounts. Manhattan DA Alvin Bragg Jr. demands immediate action from the CEOs of Zelle, Venmo, and Cash App to protect consumers.
If you use mobile payment apps like Zelle , Venmo , and Cash App , you need to be concerned about a scheme used by criminals to drain money from your bank account. Unauthorized users are able to get access to an unlocked device and use it to make purchases with the mobile payment apps by using financial data from them to open new accounts . This has led Manhattan DA Alvin Bragg Jr.
to send letters characterized by as 'scathing' to the CEOs of the three aforementioned mobile payment app firms demanding that the companies take immediate action to protect consumers. With some users of these apps experiencing financial hardship after using the peer-to-peer mobile payment apps, Bragg Jr. said, 'No longer is the smartphone itself the most lucrative target for scammers and robbers—it's the financial apps contained within. Thousands or even tens of thousands can be drained from financial accounts in a matter of seconds with just a few taps. Without additional protections, customers' financial and physical safety is being put at risk.' Bragg Jr
Mobile Payment Apps Zelle Venmo Cash App Unauthorized Access Financial Data New Accounts Manhattan DA Alvin Bragg Jr. Consumer Protection
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