New York S05500 mandates enhanced security for peer-to-peer mobile services.
New York S05500, known as the Financial App Security Act, requires peer-to-peer mobile services to enforce stricter security measures. Users must create a personal identification code for their accounts, which must be used for specific actions such as exceeding a set monetary limit for transfers. Users can also set a monetary threshold above which a personal identification number is required to authenticate identity.
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