Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.
Impact
The proposed legislation would amend existing general business and financial services law in New York, imposing stricter regulations on peer-to-peer mobile services. Compliance with these regulations would be a prerequisite for such services to lawfully operate within the state. Additionally, the financial frauds and consumer protection unit would be authorized to enforce the provisions set forth by this bill, potentially leading to increased accountability and oversight of mobile payment platforms. Users would gain added security against fraudulent activities through mandatory PIN requirements before completing substantial financial transactions.
Summary
Bill S09661, titled the 'Financial App Security Act,' is aimed at enhancing the security measures of peer-to-peer mobile payment services in New York. The bill mandates that these services require users to establish a personal identification code (PIN) associated with their accounts. This code is to be utilized for authenticating users during significant transactions and when certain actions are taken that exceed user-defined monetary limits. This is part of a broader effort to mitigate the risks of fraudulent transactions and ensure user identity verification in financial dealings conducted through mobile applications.
Contention
Notable points of contention related to Bill S09661 may arise around the balance of security and user convenience. Critics may argue that the added security requirements, while well-intended, could complicate the user experience for customers seeking quick and effortless transactions. Additionally, there could be concerns about the implications for privacy and data security related to the collection and management of personal identification codes. Supporters, on the other hand, are likely to emphasize the necessity of safeguarding users from financial fraud, citing high-profile data breaches in the financial technology space as a rationale for these enhanced security measures.
Same As
Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.
Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.
Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.
Requires that businesses that provide consumers with online accounts to access services accounts for mobile telephones using proper identification if the business has a physical presence in this state.
Requires that businesses that provide consumers with online accounts to access services accounts for mobile telephones using proper identification if the business has a physical presence in this state.
Establishes the NY digital choice act requiring social media companies to provide covered users with a copy of the covered user's social graph at the request of the covered user; defines terms; provides requirements for the interoperability of covered users' data; grants the attorney general the authority to promulgate rules and regulations and enforce such provisions.
Establishes the NY digital choice act requiring social media companies to provide covered users with a copy of the covered user's social graph at the request of the covered user; defines terms; provides requirements for the interoperability of covered users' data; grants the attorney general the authority to promulgate rules and regulations and enforce such provisions.
Creates a requirement that users must provide government-issued identification prior to viewing pornographic materials provided by commercial entities on the internet