"Rising Concerns: The Surge of Payment App Fraud Alerts Authorities"

Manhattan District Attorney Alvin Bragg has sent letters to the owners of Venmo, Zelle, and Cash App, demanding increased protections after a surge in fraud incidents involving the exploitation of these mobile financial applications. The DA cited cases of theft and robberies across the United States, urging the companies to adopt additional security measures such as transaction limits, secondary verification, and better monitoring of unusual activity. The companies have been called to meetings, and while Square Inc and Paypal, the owners of Cash App and Venmo, have not responded, Early Warning Services, LLC, the network operator of Zelle, emphasized its commitment to providing a safe and reliable service and stated that participating financial institutions are required to reimburse consumers for confirmed fraud claims.