If the recent Cash App data breach has you panicking, you are not alone.
The peer-to-peer payments platform and its parent company Block failed to prevent unauthorized access to Cash App’s customer accounts in 2022. In return, Cash App agreed to a $15 million settlement. While that’s a step in the right direction, it didn’t reassure me 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 these types of money apps is their popularity,” says Neal O’Farrell, a digital security expert and member of CNET Money’s expert panel. “Hackers follow the crowd, and the more people use these apps, the more time criminals spend exploiting them.”
Cash App does actually have a number of security features. The problem is that while these can help prevent fraud, they don’t always prevent your data from being leaked. O’Farrell noted that even the best data protection can be neutralized by an insider with access, and that’s exactly what happened in the case of Cash App.
Whether you’re trying to avoid financial fraud on Cash App or looking for ways to protect your confidential information after it’s been leaked, we recommend you take six security steps in addition to claiming any settlement amounts you may be owed.
Read more: Cash App customers may be eligible for $2,500. Here’s how to claim your money
Secure your registration
By default, Cash App makes logging in more secure by sending a code to your phone number or email address every time you log in. But there’s a catch – you have to manually log out of your account after logging in, otherwise you can access your account from your phone without a code. I logged out and was able to log back in without a code, which could be a problem if someone gets your phone and accesses the app. To be on the safe side, I recommend logging out when you’re done transacting.
You can use two-factor authentication as a second layer of protection for your account, but you will need to download a separate app such as Google Authenticator.
Enable Cash App security lock
To prevent hackers from trying to withdraw money from your account or request money from your friends and family, you can set up a security lock on your transactions. When you enable this feature, you’ll need to provide your fingerprint, facial recognition, or a specific passcode every time you want to send or transfer money. I tested this feature on my own Cash App account, and it takes less than a minute to set up. You’ll find it under the Security & Privacy tab. Here are the steps to enable Security Lock.
Monitor your transaction activity
In addition to protecting your data, it’s important to keep an eye on the activity on your account. Under Cash App’s Notifications tab, you can enable push notifications to receive text messages and emails about your transactions. This way, you can track all your payment activity and keep an eye out for anything suspicious.
Do not send money to someone you do not know
From romance scams to tax fraud, there are many ways scammers can try to get you to send them money through Cash App or other payment apps. Experts recommend never sending money to people you don’t know, and verifying their phone number or email address before hitting send. If you accidentally send money to the wrong person or find out you’ve been scammed through Cash App, banks often won’t 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 claims you owe them money. Others may try to steal access to your app and your money by asking you to confirm your security code so they can fix a security issue with your account.
Some features can help you find out who you’re sending money to. Cash App’s Inbound Requests option, found under the Security & Privacy tab, allows you to only send money to your contact and not to anyone in the app. You can also prevent others from finding your Cash App account by disabling the $CashTag Cash.app feature in the same Security tab.
“Take advantage of all the security options they offer, even if it means transactions will be a little slower,” O’Farell said. “You’ll be thankful for it.”
Read more: Don’t fall for these 9 Venmo, Cash App and Zelle scams
Make sure your email address is protected
If you use your email address to log into Cash App, make sure it’s protected by enabling two-factor authentication. This will require you to enter a code every time you log into your email. While this extra step may slow you down a bit, it also makes it harder for scammers to access your email and get into your Cash App account.
Be 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 can’t prevent your data from being leaked to the dark web, identity theft protection services can warn you sooner if your data has been compromised and guide you through next steps, like changing the exposed password or freezing your credit.
Identity theft protection typically also includes credit monitoring, which alerts you to new accounts in your name so you can take action more quickly.
Curious about identity theft protection? Aura is the best choice for protecting your data, according to CNET.
