Manhattan DA warns of MOBILE PAYMENT FRAUD: Two taps and someone’s life savings could be gone
By Olivia Cook // Feb 26, 2024

Concerned by a surge in mobile payment fraud draining bank accounts through the use of popular and widely-used mobile payment apps like Cash App, Venmo and Zelle, Manhattan District Attorney (DA) Alvin Bragg has sent letters to the CEOs of the companies that own these peer-to-peer payment services.

Reportedly now handling an estimated $1 trillion in payments, Bragg said these apps are exposing its users to scammers and thieves – costing them a lot of their hard-earned cash.

The DA addressed the letters to the parent companies of Venmo, Cash App and Zelle. In his letters, Bragg demanded the app owners and operators "improve their security and protect their users from scams and thefts." He specifically requested that they "impose limits on transactions, require secondary verification of up to a day and better monitor unusual activity." He also requested meetings with the companies to discuss these issues in detail.

"Two taps and someone's life savings could be gone," warned Bragg.

Bragg is demanding that the parent companies of these payment apps install tighter security measures, including multi-factor authentication, lowering the limit on daily transfers, requiring wait times on transfers of larger amounts of cash and better monitoring of suspicious activity.

Many people getting scammed through payment apps

According to a September 2022 survey conducted by the Pew Research Center, while many had praised these app platforms for making it easy for them to receive and send money to businesses, family and friends and making paying for things easier, there's also a significant number who had been scammed or had their private information breached through these apps. (Related: Beta-testing, crypto-romance and more: FBI warns internet users about app-hacking techniques.)

Human knowledge is under attack! Governments and powerful corporations are using censorship to wipe out humanity's knowledge base about nutrition, herbs, self-reliance, natural immunity, food production, preparedness and much more. We are preserving human knowledge using AI technology while building the infrastructure of human freedom. Speak freely without censorship at the new decentralized, blockchain-power Brighteon.io. Explore our free, downloadable generative AI tools at Brighteon.AI. Support our efforts to build the infrastructure of human freedom by shopping at HealthRangerStore.com, featuring lab-tested, certified organic, non-GMO foods and nutritional solutions.

Fraud claims involving payment services have tripled between 2020 and 2022, costing consumers hundreds of millions of dollars each year.

"No longer is the smartphone itself the most lucrative target for scammers and robbers – it's the financial apps contained within," said Bragg. "Thousands or even tens of thousands can be drained from financial accounts in a matter of seconds with just a few taps."

"These crimes involve an unauthorized user gaining access to unlocked devices and then draining bank accounts of significant sums of money, making purchases with mobile financial applications and using financial information from the applications to open new accounts," continued Bragg.

The DA noted that while in most cases it is relatively easy for criminals to steal or trick their way into the locked smartphones of their victims, in some cases thefts can turn violent. In Los Angeles, several people were notably robbed of thousands of dollars through Venmo at knifepoint. Similar incidents have been reported in Florida, Illinois, Kansas, Louisiana, Tennessee, Virginia and West Virginia.

"In the most disturbing cases, offenders have violently assaulted or drugged victims, and either compelled them to provide a password for a device or used biometric ID to open the victim's phone before transferring money once the individual is incapacitated," Bragg warned.

Learn more about tech and cyber crimes at Glitch.news.

Watch this video exposing a Cash App scam.

This video is from the Daily Videos channel on Brighteon.com.

More related stories:

AI is making it much easier for cybercriminals to steal your life savings.

FBI warns of "Phantom Hacker" scams WIPING OUT senior citizens' life savings.

WARNING: AI-powered DEEPFAKE VOICE SCAMS are now coming for your bank balances.

Dating website/app profiles mostly fake "catfish" that steal your private info while pushing politics, climate change, money scams, vaccines and gender fluidity.

More than 376M SCAM messages sent daily to steal money, clone voices of Americans.

Sources include:

DailyMail.co.uk

ManhattanDA.gov

PewResearch.org

ABCNews.go.com

Brighteon.com



Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NewsTarget.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.

NewsTarget.com © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. NewsTarget.com is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. NewsTarget.com assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.