MANHATTAN, NY – Manhattan District Attorney Alvin L. Bragg, Jr., has taken a proactive stance against the rising trend of financial app thefts in Manhattan and nationwide.
In his latest move, DA Bragg has issued letters to the companies owning Venmo, Zelle, and Cash App, asking the implementation of enhanced consumer protections.
These thefts typically involve unauthorized users accessing unlocked devices and illicitly transferring substantial sums from victims’ bank accounts. They also exploit mobile financial applications to make unauthorized purchases and open new accounts using stolen financial information.
The fraudsters employ various tactics, such as asking to use a victim’s smartphone under false pretenses, requesting donations for fraudulent causes, or, in more extreme cases, assaulting or drugging victims to gain access to their devices and financial applications.
The Manhattan District Attorney’s Office seeks to initiate dialogue with these companies to develop effective strategies to deter scammers and safeguard the financial and physical well-being of New Yorkers.