Enhances security for peer-to-peer mobile payment services in New York by requiring personal identification codes and setting monetary limits for.

The Financial App Security Act mandates that peer-to-peer mobile payment services in New York require users to create a personal identification code for their accounts. This code must be used for certain actions, such as exceeding a user-set monetary limit for transfers. Users can also set a monetary amount above which a personal identification number is required to authenticate identity. The act specifies actions that necessitate the use of this code, including multiple transactions within a short period or transactions with new recipients.

Enhances security for peer-to-peer mobile payment services in New York by requiring personal identification codes and setting monetary limits for.

The Financial App Security Act mandates that peer-to-peer mobile payment services in New York require users to create a personal identification code for their accounts. This code must be used for certain actions, such as exceeding a user-set monetary limit for transfers. Users can also set a monetary amount above which a personal identification number is required to authenticate identity. The act specifies actions that necessitate the use of this code, including multiple transactions within a short period or transactions with new recipients.