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Just about everyone I know uses Cash App in one way or another. Unfortunately, the money app says it’s been hacked. More than 8 million people have been exposed in the cybersecurity event.
Cash App reported in a Securities and Exchange Comission filing that a former employee accessed people’s account information after he was let go. This constitutes a major data breach.
If you’re more than a little worried, it’s understandable. At the same time, this article will tell you what you need to know.
Cash App, which was started by Twitter founder Jack Dorsey, has come clean after divulging that the hack took place in December 2021 (and they’re just now telling us).
According to Cash App, the data breach is not as widespread as you might imagine.
According to the company, here are some data points the breach did not affect:
So you can rest easy, we’ve compiled some great tips so you can feel safe using money apps.
Because crooks could reach out to you and demand money, you should never give or receive cash from people you don’t know personally. If an anonymous person reaches out to you asking for payment, assume it’s a scam.
It’s a good chance that many people who use money apps have them connected to their checking accounts. This is a terrible idea. Checking accounts use your money; use credit cards, which use the bank’s money.
When and if a problem occurs, the bank will also have an incentive to get its money back. That’s not always true when it’s your money.
One old scam that apparently used to work is when a desperate stranger would ask to use your phone. When you give it to them they pretend to be dialing a number, but they’re quickly searching through your device for Cash App or some other money app.
Once they find it, they could send themselves thousands of dollars and you’d be none the wiser. Don’t lend your phone to strangers, unless you can dial the number yourself.
Cash App and other money apps are very convenient tools to use when you need to make a transaction, but they have their respective places.
Just like money, you need to use your money apps wisely.
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