Is Cash App safe? Here is the complete guide on Cash App safety

Cash App is a safe and secured app that uses advanced cutting-edge encryption and fraud detection technology to make your data and money secure. All information you submit here is encrypted on the Cash App no matter whether you are using a public or a private Wi-Fi connection. Many Cash App users want to know “Is Cash App safe?” Well, this post will help you understand how safe the Cash app is. We are going to cover all the positives and downsides of the Cash App. Cash App always keeps its users updated with new scams coming into news or whenever someone complains of any type of fraud. Before we move ahead, let’s know ‘what the Cash app is’.

What is a Cash App?

Cash App is a peer-to-peer payment service platform secured with cutting-edge encryption and fraud detection technology. Square Inc.established Cash App, a payment service platform  in 2013 for iOS and Android. Further, it is a massively used app ranking no. 1 in the App store finance category. At present, the app is only available for the citizens of the US and UK.

Unlike Venmo, Cash App transaction history is private by default. It means, only the person who has your login credentials can see your transaction history. 

Cash App also suggests its users on how they can keep their accounts safe. Cash App beware of the following scams and phishing attempts:

• If someone promises to offer crazy returns or free money in exchange for a small payment is most probably a scam. 
• Cash App sends email notifications from @square.com, @squareup.com, or @cash.app. So, you need to reply to emails from people or organisations that you know. 
• Emails you receive from Cash team or Square will redirect you to its official websitessquareup.com, cash.app or cash.me. If links redirect you to other websites, it was not sent by Square. 
• Cash App Team will never ask you for your sensitive information such as Sign-in code, PIN, SSN, and never ask you to send a payment or force you to make purchases. 
• Cash App suggests you secure your email to receive one-time login code by enabling two-factor authentication. 
• Whenever you sign in to your Cash App on any device not belonging to you, here you don’t forget to sign out. 
• The app also suggests you enable the security lock setting which requires your passcode every time you make payment. 

How is Cash App better than other finance apps in terms of security?

Cash App is a safe and secure finance app and we can understand the fact from its huge user-base. It is a billion dollars company so it’s not easy for someone to hack it. Also, it is compliant to PCI Data Security Standard level 1. With Cash App, you can secure your device and App’s features by making them secure. For example, you can secure your identity, your email, your mobile device, your Cash Card and much more. 

Steps to secure your Cash App card

Cash App offers you to hide your virtual Cash Card info and to disable your Cash card temporarily. 

Steps to hide your virtual Cash card info

• Open the Cash Card tab
• Tap on the card and toggle Show Cash Card info

Steps to disable your Cash Card temporarily

• Open the Cash card tab
• Tap on the card and toggle enable Cash card.

Steps to secure your mobile device

Create a passcode for your mobile device and check your device’s general settings. To understand it better, you need to check your device manual for more information. 

Steps to secure your identity

Cash App prompts you to verify your identity because the users can only unlock some features if they have verified their identity. 

To make your identity safe, Cash App suggests you not share your Social Security Number (SSN) to anyone outside of Cash App. 

Now, we move ahead to discuss Cash App’s  advantages and disadvantages

Advantages of Cash App

Are you using a Cash App? Well, if you are using it, you might be interested in using it on your own. However, there are many advantages of Cash App that attract you. 

• Safety and security: the first and foremost advantage is safety and security. Cash App is a highly secured platform and all your transactions are encrypted and only the person having your login credential can see them. 
• Multiple features: Cash App is a user-friendly app with multiple features. The top and most convenient features are Instant direct deposit, customisable $Cashtag (username), utility payments, Cash Card for withdrawing money, and many more features. 
• No fee unless you use extra features: Cash App does not charge its users for making payments. However, it allows you to make limited payments if any user has not verified his account. Also, it takes a fee for having a business account, here it charges $2 per transaction and for making instant deposits, it charges a fee ranging anywhere between 0.5% to 1.5% depending on the amount deposited. 
• Invest in stocks and buy Bitcoin: With Cash App, you can not only invest in stocks, Mutual funds but also you can buy Bitcoins very easily. 

Disadvantages of Cash App

Besides many attractive features, sometimes, Cash App can annoy you as there are some shortcomings in the app. 

• Cash App provides you bank features, But you do not earn interest like a bank. 
• Cash App is not FDIC insured, it means money held in your account is at risk, if Cash App shuts down or loses your money. 
• It charges a 3% fee for making transactions with a credit card. 
• Also, it charges $2 for using a Cash App card at ATMs. 
• There are ATM withdrawal limits on Cash App transactions. You can not withdraw more than $1000 in a seven-day period. 

Finally, we conclude that Cash App has maximum banking features or it is a bank alternative. However, there are also some drawbacks you experience with Cash App. But Cash App protects your account from any fraud as it implements fraud protection technology to prevent loss and there are several features that enable users to have control over their accounts. 

Also Read: Cash App Stimulus Check