Venmo, Zelle, Cash App leaving users vulnerable to fraud: Manhattan DA - ABC News

"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," Bragg's letters said. "Offenders also take over the phone's security by changing passwords, recovery accounts, and application settings. The ease with which offenders can collect five- and even six-figure windfalls in a matter of minutes is incentivizing a large number of individuals to commit these crimes, which are creating serious financial, and in some cases physical, harm to our residents."

https://abcnews.go.com/Business/venmo-zelle-cash-app-leaving-users-vulnerable-fraud/story