Is Cash App secure? Is it safe to use Cash App as a peer-to-peer payment service provider online? This post sheds light on everything there is to know about Cash App and whether or not it is secure.
There is no denying that when it comes to online payment services Cash App is up there with the big boys in the industry.
While this is so, not many are comfortable using it when it comes to sending or receiving money online. The reason being, many doubt whether Cash App is safe. They believe that Cash App is not secure and as such, avoid using it altogether.
The key is making sure that you follow Cash App’s instructions when it comes to sending, requesting, or receiving money online.
Worth noting is that Cash App also has in place a number of security locks designed to keep your account safe. These include safety measures like touch and Face ID as well as PIN entry.
The use of encryption with the aim of protecting user’s data is also employed by Cash App.
Your Role In Making Cash App Secure
While Cash App has put in place a number of top quality measures and features designed to secure Cash App accounts as well as Cash App transactions, cases of Cash App users losing money on their account is on the rise.
Why is this? Well, a number of Cash App users don’t factor in security when using their account. You’ll find users sharing personal information about their accounts on social media with friends and in some cases with strangers.
This type of behavior exposes their account to a number of negatives including being scammed online ultimately losing all money in their account.
With this in mind, it is important that you make sure your account is private. Don’t go about sharing your account details with anyone.
Equally important is making sure that the amount of money in your account is not unnecessarily big. Always see to it that you keep a reasonable amount of money in your account at all times.
Does Cash App Provide FDIC Insurance?
Despite efforts put in place by Cash App to secure Cash App user accounts, some Cash App users end up losing all the money in their account.
In most cases, this is usually due to online scams. Most likely, Cash App text scams. It is with this that it’s worth noting that Cash App does not provide FDIC insurance.
What does this mean? Well, you’ll not be refunded the money you’ve lost in your Cash App account. Furthermore, if Cash App was to close shop today, you might end up losing all your Cash App balance.
When looking at it from this angle, keeping money in your Cash App account is not safe. In other words, your Cash App balance is not safe.
That said, you can protect yourself from such inconveniences by making sure that you use your Cash App account to only hold your money temporarily.
While it’s evident that Square Inc. has taken every step to make Cash App safe and protect its users from losing their money, your money is still not completely secure in your Cash App account.
As such, one might argue that Cash App is not secure. While this is true, it is good to note that this is a problem that is present with just about every payment system online.
In other words, you’ll not find any peer-to-peer payment system that guarantees you complete safety when transacting any type of business online.