Easy and convenient – the two words most consumers love to hear and exactly what cash apps provide users. How safe is it to use these apps, though? With security as a number one concern among consumers, one has to wonder if they are adequately protected.
Popularity of Cash Apps
Americans love using these peer-to-peer or person-to-person (P2P) payment services. In fact, they are used by more than 90 million people across the nation. There are a variety of cash apps one can choose from. Among the top contenders are Apple Pay®, Venmo®, Square® Cash App®, Facebook® P2P Payments, and Zelle®.
Since these apps are used by millions of people on a day to day basis it’s important to know how safe they are or are not. Data privacy is an issue, along with data security. It’s a well-known fact most of what we do online and through apps is tracked. Often, information is shared or sometimes sold to third parties for marketing purposes. That’s why you notice so many ads popping up on your screen that are directly related to places you’ve visited on the web and products you have viewed.
Cash App Safety
Consumer Reports did a study to determine how safe consumers’ information is with various cash apps. Their findings showed that overall, the apps are safe for the most part. Still, there are certain precautions people should be aware of. Problem resolution is one of the issues cited. Mistakes made, like transferring money to the wrong person, may not be easily undone. The app companies are not necessarily helpful in rectifying misdirected funds.
Beware of scammers when it comes to cash apps. It is easy to be tricked into sending money to a thief who is savvy about P2P services. There are no legal requirements for the service to help defrauded consumers recoup the money.
Payment security is another issue. Among all the P2P providers, Apple is the only one that requires payment be confirmed before it is sent. Other providers offer layers of security to the consumer; however, they do not require any verification, such as PIN, password or fingerprint, to make a transaction. They have default security settings, but those are not automatically at the highest security level. The user needs to opt-in for higher security levels.
Read the Fine Print
Know what you are getting into when choosing to use a cash app. Do a little research and find the one that works best for you. Some cash apps share your transaction details with your friend communities. It’s something that can be – and should be – turned off.
Cash apps are convenient and easy, but they also come with a level of risk. As long as you understand that up front, you can find a way to use them safely. The law firm of Frohlich, Gordon, and Beason, P.A., is dedicated to bringing you information to help you stay safe.
Our firm specializes in personal injury law. We take pride in being lawyers who care and in providing clients with excellent services to get them fair compensation. If you or a loved one has been injured in an accident that was not your fault, call on us for a complimentary consultation. Your personal injury case is in good hands with us.