UPDATED February 10, 2022 This piece has been updated to reflect the emergence of new technology

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Christian Mathews Security Writer

Squared Inc. has launched an instant mobile payment service called CashApp. This app allows users to exchange money via a mobile app between the US and the UK. It is completely free to use, and the money conversion is instant. Naturally, a lot of users are buzzing to try it out. This is why we have answered one of the most pressing questions, ihow safe is Cash App and how does it work.

1How safe is Cash App?

All of the transactions on CashApp are private and considered completely safe. This is not something that will be showing on your social feed like Venmo app transactions. Every single transaction is end-to-end encrypted and done securely through the server of the company.

There is two-factor authentication for an added level of safety where users received a onetime password to sign in to the app. Combining these two, your transactions should be foolproof.

2Does Cash App Show Your Name?

CashApp prioritizes keeping customer data safe, and this is why they are General Data Protection Regulation or GDPR compliant. You can only see your name if you log into the CashApp and go to the setting and personal section.

3Security Locks & Encryption Used

The app follows the PCI data security standards, compliance level one. This means every transaction you make and every bit of your personal info is encrypted on the company’s servers. Even when you are using public Wi-Fi, they are still secure due to the app’s encryption protection.

4Recourse Against Fraudulent Sellers

With the app’s popularity, scammers are on the rise who are trying to leverage any loophole possible. As a result, the company has heightened its security and made it easier for customers to understand and report fraud.

If you detect that someone is defrauding you, you can immediately cancel the payment you have made to them from your CashApp. Even if you have not noticed a payment that has been authorized from your app, and somehow you cannot cancel it, you are recommended to call the customer service of CashApp immediately. They will solve the situation from their end.

Once it has been resolved, your money will be refunded. It could take up to 10 business days for your CashApp to get back the funds.

5Other Potential Scams Affecting Cash App

Due to coronavirus, the usage of CashApp has been more than ever before, and with that, scammers are trying to defraud people. Know the common kind of scams that are happening on the app and stay safe.

Malicious Emails

If you receive an email claiming to be from CashApp that asks you to click a link, don’t do it. Do not do any transaction that cannot be done directly from the official website or the app. If you click on the email links, it could take you to potentially hazardous links or steal your personal information.

If you are not sure whether this is a legitimate email, you should get in touch with customer care and confirm whether it is valid or not. You may also want to consider how do you stop spam emails.

Ticket Scams

Many people are exchanging tickets over CashApp. When sellers approach users with tickets, they send the money and then get immediately blocked. You might not even have time to cancel the transaction before you have had the chance to realize that you got scammed.

The best recourse is to call CashApp customer support and send them complete documentation of the issue. You should also contact your bank and file the complaint. Again, please do not buy anything from anyone who approaches you on CashApp without verifying them for legitimacy.

Romance Scams

In a kind of catfishing, people on CashApp are creating fake profiles to scam people from users. They create elaborate lies on their profiles and befriend users asking them to wire money.

This is a general problem over the web, and you should be diligent to not CashApp anyone money that you do not personally know. You should stop communicating with these people immediately and report them if you suspect they are a scammer.

6Safety Points To Live By

Keep It Between Friends And Family

The transactions on CashApp are really safe. But the app does not stop you from interacting with other users. This means there is a burden of safety on you also. You have to keep things between your friends and family to make sure you are not getting taken advantage of by strangers.

Avoid Transactions With Businesses

Many scammers register as businesses and represent themselves credibly on the app. If possible, avoid doing any transactions with businesses that you have not personally validated.

You should always check the official methods of connecting with the business to make sure whether you are actually making a transaction with them or not. You can simply Google the contact information of the business and verify their identity.

7Check Your Internet Connection When Using Cash App

Although public Wi-Fi is not going to be a problem because CashApp encrypts your data. In general, using public Wi-Fi can open up your phone to a lot of vulnerabilities and give access to malicious elements to your phone. Sometimes it is less about how safe is Cash App and more about how you are using your devices.

Avoid public Internet connections and keep your home connection private because it is much more secure and not used by strangers. Know what is an encrypted message and how it can further protect you form nefarious individuals.

Lock Your App

Don’t just put a lock on your phone and lock your app so nobody can access your banking information and cannot conduct unauthorized transactions. Keeping your app unlocked can give scammers or strangers access to your second level of authentication as well, which will completely downplay the app security.

Make Sure You’re Paying Who You’re Supposed To

CashApp does not cater to recovering money if you have paid people by mistake. And you might have to go through a lot of hassle to get this money back. Make sure you are sending the money to the right person before you make a transaction.

To keep information in one safe and secure location, consider getting an encrypted External hard drive.