Cash App has become a popular money transfer app, similar to Venmo and Zelle. Since its inception nearly ten years ago, it’s been an easy way for many people to transfer money quickly. However, the Better Business Bureau is now warning about the app as many users who have been using it have faced serious problems.
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What does the Cash App allow you to do?
With the Cash App you can send and receive money, stocks and bitcoin. Many are attracted by 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 making an instant deposit and a fee for using a credit card. There are also fees for buying and selling bitcoin through the app.
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Cash App also allows you to hold a balance in your account. If you don’t have any money in your Cash App balance, you can choose to:
- Link to one of your existing bank accounts
- Fund your account through participating retailers
- Set up a direct deposit using your bank account and routing numbers
- Many people have chosen to use Cash App over other money transfer apps because of its simplicity and instant gratification. However, many learn the hard way that it may not be worth it.
What problems have you encountered with the Cash App?
Cash App has nearly 1,000 complaints through its Better Business Bureau profile. Most of the complaints relate 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, user complaints say otherwise.
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Thousands of people are said to have withdrawn money from their Cash App balance and can’t seem to get Cash App to refund their money. Many either didn’t hear about the app at all when they asked for help, or the app will deny people’s cheating allegations altogether.
Some even say that Cash App has claimed to have no record of their accounts at all, or that it promises to return people’s money within a certain number of days and then never does.
Some common cash app scams are:
- Scammers posing as celebrities or public figures on social media and demanding payment through the Cash App
- Someone posing as a Cash App representative and asking for personal information or payment. Cash App will never ask for your password or PIN
- Phishing attempts like text messages or emails appear to come from Cash App but contain links to fake websites.
- Offers free money or gift cards in exchange for personal information or payment
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How to protect yourself from scams in money transfer apps
To avoid becoming a victim of a cash app scam, follow these guidelines to minimize your risk:
- Try not to keep balance in your money transfer apps: You have a much better chance of getting fraud help from your bank or credit card company than you do from a money transfer app.
- Never send money or give your credentials to people you don’t know, including people claiming to be from a government agency or banking firm.
- 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 be from the Cash App. Protect yourself from accidentally clicking malicious links by running antivirus software on your device. See my expert rating of the best antivirus for your Windows, Mac, Android and iOS devices by searching “Best Antivirus” on CyberGuy.com by going to my website at CyberGuy.com/LockUpYourTech.
- Look at the security settings the Cash App offers and make sure they are all set to the highest and most protective settings.
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Turn on notificationsso that you are notified when there is activity in your app.
Two things to keep in mind too: be wary of offers that seem too good to be true and read reviews and ratings before downloading any money transfer app to see if it’s a good option .
Was this helpful? We’d love to hear about your experiences with Cash App or any other money transfer app.
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