You’re not the only one freaking out over the recent Cash App data breach.
The peer-to-peer payment platform and its parent company, Block, failed to protect against unauthorized access to Cash App customer accounts in 2022. In return, Cash App $15 Million Class Action Settlement. While it was a step in the right direction, it didn’t ease my concerns about the app’s security, especially since it was an internal move. So I reached out to a cybersecurity expert to find out how I could better protect myself.
“One of the biggest problems with money apps like this is popularity,” Neal O’Farrell said. Digital Security Expert And CNET Money expert review board member. “Hackers follow the crowd, and the more people use the app, the more time criminals will have to exploit it.”
Cash App actually has a number of security features. The problem is that while they can help avoid fraud, they can’t always prevent your data from being leaked. O’Farrell noted that even the best privacy protections can be defeated by an insider with access, which is exactly what happened with Cash App.
If you want to avoid financial fraud on Cash App or need a way to protect yourself after your sensitive information has been compromised, we recommend following these six security steps in addition to claiming any settlement money you are owed.
Read more: Cash App customers may be eligible for up to $2,500. Here’s how to claim your money:
Login Security
Basically, Cash App sends a code to your phone number or email address every time you log in, making your login more secure. However, there is one catch. After you log in, you must manually log out of your account. Otherwise, your phone can access your account without the code. I was able to log out and log back in without the code, but this can be a problem if someone takes your phone and accesses the app. For security reasons, it is recommended that you log out after you are done with your transactions.
You can use two-step verification as a second layer of protection for your account, but you’ll need to download a separate app like Google Authenticator.
Turn on the ‘Security Lock’ feature in Cash App
To prevent hackers from withdrawing money from your account or requesting money from friends and family, you can create a security lock for your transactions. When you turn this feature on, you will be required to provide your fingerprint, Face ID, or a specific password every time you send or transfer money. I tested this feature on my Cash App account and it took less than a minute to set it up. You can find it under the Security & Privacy tab. Here are the steps to enable it: Security lock.
Monitor trading activity
In addition to protecting your data, it is important to pay attention to your account activity. You can enable push notifications in the ‘Notifications’ tab of Cash App to receive text messages and emails about transactions. This will help you track all your payment activity and keep an eye out for anything suspicious.
Don’t send money to people you don’t know
From romance scams to tax fraud, there are many ways scammers can trick you into sending money through Cash App or other payment apps. Experts advise never to send money to anyone you don’t know, and always verify the phone number or email address before you hit the send button. If you accidentally send money to the wrong person or find out you’ve been scammed on Cash App, your bank will often not refund your money.
O’Farrell recommends being skeptical of any messages you receive through payment apps. He often sees scams where someone pretends to be a friend and asks for money or says you owe them money. Others may ask you to verify a security code to resolve a security issue with your account, trying to steal access to your apps and money.
There are a few features that can help you figure out who you’re sending money to. The Cash App Requests option, found in the Security & Privacy tab, lets you send money only to your contacts, not everyone in the app. You can also turn off the “$CashTag Cash.app” feature in the same Security tab to prevent anyone else from finding your Cash App account.
“Use all the security options they offer, even if it means a little slower transaction speeds,” O’Farrell said. “You’ll be grateful you did.”
Read more: Don’t Fall for These 9 Venmo, Cash App, and Zelle Scams
Make sure your email address is protected
If you log in to Cash App using your email address, turn on two-step authentication to protect yourself. This will require you to provide a code every time you log in to your email. This extra step may slow things down a bit, but it makes it harder for scammers to access your email and get into your Cash App account.
Get notified of breaches faster with identity theft protection
Identity theft protection is the best way to find out if your information has been compromised in a data breach. While it won’t stop your data from being leaked on the dark web, an identity theft service can alert you sooner if your data has been compromised and guide you through the next steps, such as changing compromised passwords or freezing your credit.
Identity theft protection usually comes with credit monitoring so you can be notified when new accounts are in your name so you can take action quickly.
Wondering about identity theft protection? Aura is CNET’s top pick for keeping your data safe.
