Cash Apps are becoming more and more popular. I am a somewhat slow adopter, given it is now September of 2020 and I am really just starting to learn and use cash apps. I have been wary of them wondering about the safety and security of such things. At some point you just have to evolve to function in effective ways in life if you want to be able to accomplish different things and sometimes if you evolve your habits thoughtfully you can keep your finances safer than you may have otherwise.
So, are cash apps safe and secure? Well, generally in and of themselves yes but- yes there’s always that but and that “but” is you, it depends on how well you secure your assets as you set them up and nothing is foolproof so yes theoretically you could do everything right and still be hacked. However, the same is true of your physical wallet, you could take all the right precautions and still get mugged or held up at gunpoint and decide the safest thing to do is to hand it over.
You can locate a person, and with your linked bank account or credit card use your created profile to send money to the other person who can then leave the money there, transfer to their bank account, or if the payment app has a linked card use it to spend at retailers anywhere or utilize in any number of ways the card allows, including with some buying cryptocurrency if one chooses.
Before you get started learn about the potential scams so you don’t fall prey-
Fraudulent sellers- including ticket scams
Malicious Emails- getting you to click a link, perhaps saying money was deposited in your account and resulting in you downloading malware and then gaining your personal info
Some safety precautions to take-
Only connect with friends and family- these apps don’t refund money you accidentally pay to the wrong person or in a scam scenario. P2P apps hold users 100% responsible for transfers.
Verify the details of each transfer
Don’t use public wifi for transfers and if you have to use a VPN
Don’t use P2P for business- there are no-commercial clauses in the policies and there are apps like paypal and square for these things
Lock you app- pins, biometrics, it’s like carrying cash
Utilize security settings don’t let all your info out there
Read the fine print
Cash transfer apps- general info https://www.mcafee.com/blogs/consumer/family-safety/are-cash-transfer-apps-safe-to-use-heres-what-your-family-needs-to-know/
Cash app
Apple Pay
Zelle
Venemo
Google Wallet
Paypal.me
Facebook Messenger
Snapcash