Cash App has become a popular money-transferring app, similar to Venmo and Zelle. Since it was created nearly ten years ago, it has been an easy way for many people to quickly transfer money. However, the Better Business Bureau is now warning against the app, as many people who have used it have had serious issues.
What does Cash App let you do?
Cash App allows you to send and receive money, stocks and Bitcoin. Many are attracted to the fact that Cash App is free to download and use. However, there are fees for certain features. For example, there is a fee for an instant deposit and a fee for using a credit card. There also are fees for buying and selling Bitcoin through the app.
Cash App also allows you to keep a balance in your account. If you don’t have any money in your Cash App account balance, you can opt for the following:
What issues have been happening with Cash App?
Cash App has nearly 1,000 complaints through its Better Business Bureau profile. Most of the complaints are related to Cash App’s lack of help when its users experience fraud with their accounts. Although Cash App claims on its website to have “encryption and fraud detection technology” and coverage from the FDIC for up to $250,000 in fraud cases, users’ complaints are saying otherwise.
Thousands of people are said to have had money taken from their Cash App balances and cannot seem to get Cash App to help get their money refunded. Many either haven’t heard back from the app at all when reaching out for help, or the app will deny people’s claims of fraud altogether.
Some are even saying that Cash App has claimed to have no record of their accounts at all or that it promises to give people’s money back within a certain amount of days, and then never doing so.
Some common Cash App scams include:
How to protect yourself from fraud in money-transferring apps
To avoid falling victim to a Cash App scam, follow these guidelines to minimize your risk:
Turn notifications on so that you’re alerted whenever activity happens within your app.
Two things to also keep in mind: Be cautious of any offer that seems too good to be true, and read reviews and ratings before downloading any money-transferring app, to see whether it’s a good option.
Was this helpful? We’d love to hear about your experience with Cash App or any other money-transferring app.
For more of my tips, subscribe to my free CyberGuy Report Newsletter by clicking the “Free newsletter” link at the top of my website.