Transferring money is now easier than ever, don’t you think? All it takes is a button click, and your money can move to wherever you want it to go. With applications like Cash App, you have a portable bank in your pocket.
The critical question is, is Cash App safe?
Is It Possible to steal info from Your Cash App?
Unless you fall victim to a scam, no one can steal your info from Cash App. Your information is safe if you don’t disclose it to anybody. Unfortunately, hackers now have advanced ways to steal info, and many people fall victims to that.
Here’s everything you need to know.
Can Someone Steal Your Info From Cash App?
No, Cash App is a pretty safe application, so unless you willingly give your info to a scammer, it should be safe from hackers. It’s not different from other online payments and transfer applications, such as Venmo.
Plus, the developers at Cash App are taking the extra mile to ensure the users are safe from hackers. For example, the application features an AI function that alerts users to take care of potential scams.
If someone attempts to log into your account, you’ll get notified, like what happens with Facebook when you activate the two-factor authentication.
You’ll also get alerted when your account attempts to transfer money to a user not in your contact list.
All in all, Cash App is as safe as any other money transfer application. That doesn’t mean it doesn’t come with its share of scams, though.
Can You Get Scammed on Cash App?
Well, to put it simply, anyone can get scammed anywhere. It doesn’t matter whether the application is secure; if you believe a scammer and hand over your info, you’ll get scammed. It’s as simple as a slip-up.
To prevent that, you need to be familiar with the common Cash App scams. Here are some of the most popular ones.
Cash App Friday
Cash App Friday is an initiative set by the applications’ developers for weekly giveaways. It’s usually announced through the app’s social media accounts, and the users can gain winnings from $100 up to $500.
The way this works, you post a hashtag in the comments or replies of the original post, and the admins choose a winner randomly. When you win, the app’s official account sends you a message in the DMs, and that’s where the scammers get creative.
Some scammers will contact random people who participated in the Cash App Friday event and tell them they need to list their data to gain the prize. Or, some will ask for a fee, saying that it’s necessary for the prize.
Some users fall victim to the trick and transfer the money. But then, they find themselves blocked and with no way to get the money back.
The moral here is to double-check any account contacting you, pretending to be Cash App. The official account will be verified, and its link will be available on the application.
Fake Customer Support
When a scam becomes so common, you’d think people would stop falling for it. But that’s the opposite of what happens.
People are still falling victims to the good ol’ fake customer support scam. How often have you been asked for your credit card information by someone pretending to be a bank presentative? Probably a lot, or at least once in your lifetime. The same happens with Cash App.
You may receive a message from an unknown number or a phone call asking you to confirm your personal data for some sort of update. Some scammers even go the extra mile and start asking the user to transfer the money for any reason, and the money goes without returning.
To put your mind at ease, the only customer support Cash App has is through the application’s chat window. There isn’t phone support, so don’t give anyone a chance to trick you through it.
If anyone comes and tells you to transfer $500, and they’ll turn them into $5000, you’ll surely be tempted to try. Well, here’s the catch: it’s 99.9% a scam unless you have a really generous relative.
A common Cash App scam is tempting users with cash multiplies or flips. The scammers will promise the users to return 10x of the transfer amount, and some people fall for it.
Of course, they get nothing in return, and when they discover they’ve been scammed, it’s too late to do anything.
One thing you ought to know about money transfer apps: they won’t help you get money back if you’ve been scammed. Most of them have policies that dictate that transactions can’t be undone, so you’ll have to be really careful when using them. That doesn’t only apply to Cash App, but to similar apps like Venmo.
How to Keep Your Info Safe on Cash App
Keeping your info safe from scams on Cash App is pretty easy.
All you have to do is keep an eye out for any suspicious calls, texts, or any forms of communication you get from people pretending to be on the Cash App team.
Here’s how to stay safe from the aforementioned scams:
- Don’t send payments to anyone you don’t know, especially if they approach you through a text or a suspicious phone call
- Don’t believe anyone promising you any cash multiplies or any cash in exchange for a small amount of money. That’s a recipe for scams.
- Double-check all the information you input into the app before transferring money to make sure it doesn’t get transferred to the wrong person
- Don’t reply to any DMs on Twitter and Instagram except if they’re from the verified Cash App account.
The Final Verdict
Anyone can get scammed, and scammers are becoming more creative every day. However, you can always ensure your info’s safety by keeping an eye out for any suspicious acts.
As long as you don’t hand in your info to anyone you don’t know, you should be fine.