These apps are becoming increasingly popular, leading to an increase in reports of scams, especially when victims’ phones fall into the hands of criminals, Bragg said. He described cases where fraudsters tricked victims into handing over their devices and even attacked them to gain access to their accounts.
The prosecutor cited Apple’s recently introduced Stolen Device Protection feature as an example of effective security measures that can be adopted by cash register applications. This feature requires biometric authentication instead of a password when the device is away from normal locations, making it harder for thieves to access accounts remotely.
Bragg also suggested that cash apps implement multi-factor authentication, limit daily transfer amounts and provide the ability to cancel transactions once they have started.
Source: Ferra
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