Is the Cash App Safe in 2022?

Before taking a keen look at the Cash App safety, perhaps it would be prudent to first learn about Cash App. Cash App (formerly known as Square Cash) is one of the popular online payment processing platforms.

Cash App was developed by Square Incorporation in 2013, under the founding leadership of Jim McKelvey and Jack Dorsey. The platform enables P2P (peer-to-peer) transfer of finances using the Cash App mobile phone app.

Currently, the app is used by an estimated 7 million users who use it to transfer funds to one another in P2P payments. Alternatively, users can use the app to make point-of-purchase (POP) payments or swipe the Cash App Visa debit card linked to the mobile app account to pay for items from retailers and merchants.

It is a flexible platform that allows P2P payments at no fee. Users are able to move money from the app’s e-wallet to their linked bank accounts or load money from their cards on to the app’s wallet.

The app operates on iOS and Android operating systems and it is available in both French and English.

Is Cash App Safe?

Over the years, Cash App has earned the highest level of security award from the Payment Card Industry Security Standards Council. This is the highest any business can attain.

That’s not to say that there are no risks when it comes to online money transfer. Is Cash App safe? Of course, ‘yes’. Cash App is as safe as can be. On the Square website, there is information meant to show you just how to remain safe and the actions to take when your account is compromised.

To ensure its users’ safety is maintained, Cash App notifies them with account activity information through push notifications, text, and email. In addition to that, they have additional measures against fraud due to unauthorized charges on an individual’s account. The data that goes through Cash App is encrypted as another additional measure. By entering a CVV number, you can be assured of maximum protection.

The following are some of the security measures employed by Cash App to ensure your safety:

  • Security locks such as Touch ID, PIN entry or Face ID. These are ways of verifying identity, thus helping protect you when making online payments.
  • Encryption. Cash App has a level-1 PCI-DSS certification, which allows users to send money in the form of encrypted messages.
  • Cash storage. When you send money through Cash App it is stored in the receiver’s account. Given the other safety measures that have been put in place, only the receiver can access the cash.
  • Easy to disable Cash App anytime. If something happens and you lose your card, you can pause spending on it in an instant. That means you are protected from possible fraud by the person who picks up your card.
  • Account notifications. Anytime you or someone uses your account, you will receive activity information through text, email, and push notifications.
  • Fraud protection. Cash App has implemented several measures to protect its users against fraudulent charges. You can rest assured that your cash is safe with them.
  • Ability to review your own safety practices. It is possible to secure your account even more by protecting your personal information and preventing it from getting into the wrong hands.
  • It is built by Square. Since its launch in 2009, Square has been a go-to payment platform for millions of individuals and businesses all over the world. Every year Square processes tens of billions of dollars with the utmost security measures. Since there is rarely a case of fraud to report, you can trust Cash App with your money.

In addition to these measures, Cash App teaches its users to contact them as soon as they notice any suspicious activities. Cash App will then send them a link on email for resetting the account credentials. So, is Cash App safe? Yes, it is!

Myrtle Knox

Myrtle Knox is an award-winning reporter, editor, and writer. Her stories about banking, credit cards, insurance, economics, small business, and other subjects have been featured by the Los Angeles Times, Washington Post, Bankrate, Credit Karma, Bookmarks Magazine, FOX Business, CNBC, Yahoo! Finance, and dozens of major U.S. newspapers. Her articles have been cited in seven nonfiction books and two U.S. Congressional hearings. She edits nonfiction, memoir, and fiction, and contributes to Kirkus Reviews. Marcie holds a bachelor’s degree in English from UCLA and MBA from Pepperdine University.

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