Cash App has become a popular money-transferring app, similar to Venmo and Zelle. Since it was created nearly ten years ago, it has been an easy way for many people to quickly transfer money. However, the Better Business Bureau is now warning against the app, as many people who have used it have had serious issues.
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What does Cash App let you do?
Cash App allows you to send and receive money, stocks and Bitcoin. Many are attracted to the fact that Cash App is free to download and use. However, there are fees for certain features. For example, there is a fee for an instant deposit and a fee for using a credit card. There also are fees for buying and selling Bitcoin through the app.
Cash App has become a popular money-transferring app, similar to Venmo and Zelle. Since it was created nearly ten years ago, it has been an easy way for many people to quickly transfer money
(Cyberguy.com)
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Cash App also allows you to keep a balance in your account. If you don’t have any money in your Cash App account balance, you can opt for the following:
Link to one of your existing bank accountsDeposit money into your account through participating retailersSet up a direct deposit using your bank account and routing numbersBecause of the ease and instant gratification, many people have opted to use Cash App over other money-transferring apps. However, many are learning the hard way that it may not be worth it.
What issues have been happening with Cash App?
Cash App has nearly 1,000 complaints through its Better Business Bureau profile. Most of the complaints are related to Cash App’s lack of help when its users experience fraud with their accounts. Although Cash App claims on its website to have “encryption and fraud detection technology” and coverage from the FDIC for up to $250,000 in fraud cases, users’ complaints are saying otherwise.
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Thousands of people are said to have had money taken from their Cash App balances and cannot seem to get Cash App to help get their money refunded. Many either haven’t heard back from the app at all when reaching out for help, or the app will deny people’s claims of fraud altogether.
Some are even saying that Cash App has claimed to have no record of their accounts at all or that it promises to give people’s money back within a certain amount of days, and then never doing so.
Some common Cash App scams include:
Scammers posing as celebrities or public figures on social media and asking for payment via Cash AppSomeone posing as a representative of Cash App asking for personal information or payment. Cash App will never ask for your password or PINPhishing attempts, such as text messages or emails appear to be from Cash App, yet containing links to fake websites.Offers of free money or gift cards in exchange for personal information or payment
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How to protect yourself from fraud in money-transferring apps
To avoid falling victim to a Cash App scam, follow these guidelines to minimize your risk:
Try not to keep a balance in your money-transferring apps: You have a much better chance of being helped by your bank or credit card company when it comes to fraud than you do from a money-transferring app.Never send money or give your credentials to anyone you don’t know, including anyone claiming to be from a government agency or banking company.Always confirm a recipient’s information before sending them money, and always verify the identity of the person you are sending money to.Never click on links from unknown sources, especially when an email or text appears to have come from the Cash App. Protect yourself from accidentally clicking malicious links by running antivirus software on your device. See my expert review of the best antivirus protection for your Windows, Mac, Android & iOS devices by searching ‘Best Antivirus’ at CyberGuy.com by heading to my site at CyberGuy.com/LockUpYourTech.Look at the security settings that Cash App offers, and make sure they’re all set to the highest and most protective settings.
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Turn notifications on so that you’re alerted whenever activity happens within your app.
Two things to also keep in mind: Be cautious of any offer that seems too good to be true, and read reviews and ratings before downloading any money-transferring app, to see whether it’s a good option.
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(Fox News)
Was this helpful? We’d love to hear about your experience with Cash App or any other money-transferring app.
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