Payment apps have become the transaction norm in the past decade. People nowadays not only use them online, but they also pay with them at retail businesses and utilize them to send money to friends. CashApp, launched by Block, Inc., is one of the predominant US-centric players in this field. This massively popular smartphone wallet, which over fifty-seven million iOS and Android device users have installed, brings in annual revenues of $14.7 billion, boasting more than $4.32 billion gross profits. Its adoption for US POS payments marked higher numbers in 2024 than in early 2020 amidst the fledgling global COVID-19 pandemic, showing its still growing use among consumers, proven by Statista’s Consumer Insights surveys that reported that 58% of respondents used this method to pay in POS settings in the past year.
Founded in October 2013 and based out of San Francisco, CashApp is a peer-to-peer payment processor that attains most of its revenue via its Bitcoin storing/trading feature, with some analysis estimating that as much as 76% of the app’s revenues get generated. Thus, this is software that keeps up with the times, and its simplicity and speed will no doubt keep it at the top of the pack in this P2P sector. If you are one of the millions who use it or are considering putting this app on your phone, here are a few tips that you should adhere to for safe CashApp usage.
Use a Strong Password & Enable 2FA.
For most tech-savvy individuals, these two are givens. But those who are not may even wonder what a strong password is. For most security experts, that one will contain eight or more (ideally twelve plus) characters, a mix of lower and upper case letters, numbers, and special characters. Aside from following this rule of thumb during a CashApp password creation process, it is equally vital to use a unique one for every account online so that if one gets compromised, the others are secure.
Two-factor authentication, or 2FA, is a second verification step toward account access. It usually involves a code sent to one’s email or phone, which is required for performing specific actions. Enabling this security measure and sticking to it dramatically reduces the chances of unauthorized access.
Be Wary of Common Scams
These can range from nefarious individuals sending legitimate-looking emails to fool users into verifying their login credentials through malicious links to steal their information. Cash-flipping scams that work as pyramid schemes are advertised on social media as money-making opportunities Claim Your Prize messages, fake CashApp payment notifications, refund/giveaway scams, and other cons.
To avoid these, it is best to read up on the most common ones to know what to look for. Then, never send money to unknown persons or untrusted businesses. Avoid clicking on suspicious links. Always check email addresses and URLs to see if they are official and not ones that appear legit at first sight.
Avoid Public Wi-Fi
This is never a good idea for financial transactions, including CashApp ones. When trying to send over funds to friends and family, use online casinos that take Cash App, or engage in any e-commerce online, no one should tap into a network supplied by an airport, hotel, café, or similar establishments. These are often unsecured and pose a significant security risk, as hackers can perform “man-in-the-middle” attacks through them, where they position themselves between a device and the network, intercepting the data flowing between these two sides. That allows them to steal the information transmitted.
To avoid being taken advantage of in this way, everyone should refrain from making transactions on public Wi-Fi and consider implementing a VPN, or Virtual Private Network, that will encrypt their internet traffic, creating a private tunnel for their information to go through the Web to a desired destination.
Lock Your CashApp with a Security PIN/Fingerprint
This makes it harder for someone with physical access to a phone to exploit a CashApp account setup there and steal money from it. Users can set a unique security PIN to enter each time they open the app or make a transaction. That is possible through the Privacy & Security page under Security Lock. Biometric authentication, such as fingerprint scanning, should also be available there as an option, and these security avenues go a long way in protecting funds and personal information from unauthorized access. They give CashApp users peace of mind that even if their devices get stolen, the thieves will not easily access their info, giving them a chance to freeze their CashApp funds by contacting customer support.
Monitor Activity & Do Not Store Sizeable Funds
The first is essential for spotting suspicious behavior early. All CashApp users should frequently check their transaction history to ensure all payments and receipts are legitimate. Doing this regularly allows for immediate action when foul play is suspected. These can be small test charges or transactions to unfamiliar recipients.
It is also generally not advisable for anyone to keep sizeable funds in their CashApp balance, as this app lacks the same level of protection that banks have, such as FDIC insurance (available for card users only). Hence, if money does get stolen, recovery options through CashApp are limited.