Mugger take your phone? Cash apps too easily let thieves drain accounts, DA says
by Ashley Belanger from Ars Technica - All content on (#6J3TG)
Popular apps like Venmo, Zelle, and Cash App aren't doing enough to protect consumers from fraud that occurs when unauthorized users gain access to unlocked devices, Manhattan District Attorney Alvin Bragg warned.
Thousands or even tens of thousands can be drained from financial accounts in a matter of seconds with just a few taps," Bragg said in letters to app makers. "Without additional protections, customers' financial and physical safety is being put at risk."
According to Bragg, his office and the New York Police Department have been increasingly prosecuting crimes where phones are commandeered by bad actors to quickly steal large amounts of money through financial apps.