Chances are this app is on your phone and you use it often. We’re talking about Cash App, a peer to peer money transfer system. But now customers are saying someone is swiping money out of their account.
So we reached out to tech experts and talked to Cash App directly to find out how to keep your money safe.
It’s the new wave ATM, a quick and easy way to share money among friends. But turn to social media and you’ll find posts saying their experience wasn’t so friendly after hackers wiped them out.
“Putting in your banking account or your banking information in anything other than your bank is inherently more dangerous and there’s a lot less protections people get when connecting directly to banking institutions,” Chief Technology Officer of Rook Security, Matt Gangwer said.
We found many customers who say once they tried to call Cash App to report their money was gone, they were further duped. Hackers put up fake customer service numbers and asked people for their account info in order to help them out.
“If they’re asking for account information over the phone that’s a huge red flag. Companies shouldn’t be asking for any information on how to get access into your account,” Gangwer said.
We reached out to Cash App. The tell us they generally communicates via email and the email will come from a cash.App, square.Com, or squareup.com address and the cash app team will never solicit a customer’s pin or sign in code outside of the app. Security experts at Rook Security say beware and know this cash convenience could come with a risk.
“But as soon as you authorize some other institution whether that’s a Venmo or cash app or a Zelle to kind of be in the middle of those transactions then you do lose a lot of protections as a consumer and in a lot of cases there isn’t a way to get your money back,” Gangwer said.
Cash App says they want to continue to educate customers about how to avoid these scams. Most importantly pay attention to the email and website addresses.