A great
majority of you have probably heard of the app Cashapp. Sending, receiving, and
storing monetary transactions can all be accomplished through the service
relatively easily (US and UK). Users can transfer funds to the accounts of
other Cash App users by withdrawing money from their bank accounts and sending
it to the accounts of other Cash App users.
Cash App: The Easy App to Send and Receive Money
A user only needs to enter a phone number, email address,
or $ cash tag is required for users to send money to other users of the Cash
App. The $ cash tag is where usernames are saved, and you can only alter it
twice. When sending money to another user, the sender can leave a personalized
message for the recipient. If you wish to transfer money from Cash App to a
different bank account, you can either wait three to five business days or pay
a fee of 1.5% if you want the money right away. The maximum amount that can be
sent or received from an unverified account is $250 each week or $1,000 per
month. After verification, a user can transmit up to $7,500 per week or $17,500
per month, depending on the most recent change. You will be required to furnish
the app with your real name, date of birth, and, if you live in the United States,
the last four digits of your social security number to create an account.
Cash App has proven to be a helpful alternative for many
individuals who, either due to their past credit history or due to their desire
to conceal their payments from nosy family members, are unable to obtain a
standard bank account. It's especially great for buying and paying back small
debts like lunch. It is also possible for an employer to deposit money whenever
they become available. If you do not have a bank account but still want to
deposit cash, you can do it at well-known businesses such as Walmart, 7-Eleven,
and Dollar General. Cash App also provides customers with a reloadable debit
card that can be customized, something a significant number of users have begun
to take advantage of in recent months. Obtaining money from a person and
avoiding the phrase "I owe you" both contribute to simplifying
financial transactions. It is easier to use Cash App as opposed to PayPal and
Venmo (especially when being overseas without using a VPN blocks your
transactions often). In addition, investing in stocks—even fractional
stocks—and cryptocurrencies is possible.
The Dark Side of Cash App: Uncovering the Disadvantages
While Cash App is versatile and valuable, especially for
people without a bank account, many concerns have been raised about the app's
trustworthiness, security, and ability to refund money in case of fraud and
hacking. App suggestions include adding a transfer password or pin and better
history tracking. For this reason, many have stopped using the app due to
firsthand hacking incidences. The subpar level of customer care provided via
telephone is one area that has to be improved. Another thing that I've noticed
with the app is that it does not provide a "Are you sure?" option
before sending funds. Recently, an excellent countermeasure that PayPal has
that I could have fallen victim to was when a significant payment of $1.8K in
Paypal was intended to pay for goods or services from a scammer using my
credentials. However, a text message asked me ahead of whether I wanted to send
the money or not. Another helpful enhancement would be to see how much you've
sent a person and how much they've sent you to notice the difference since the
app's simplistic design just displays sends and receives. If you could
distinguish the difference, both parties can determine who owed whom and how
much without argument. There is also no automatic payment option for folks who
do not have bank accounts but have employment and use the app to attempt to
reestablish themselves. With the small transaction fees, this could disrupt
common banks that have account fees. Issues with taxes on money sent for
betting purposes and buying crypto that is not actually on the blockchain also
were concerns. One user mentions that scammers check your public wallet address
on the blockchain explorer and send a tiny quantity of cryptocurrency to you to
store their address on your account. The scammer gets your cryptocurrency since
their transaction auto-fills the target wallet address. Finally, a user
suggests that the cash app should establish a small credit line for those who
have a direct deposit. Google Pay,
Venmo, PayPal, and Zelle are similar alternatives to Cash App.
Overall,
most of these incidents I've found have come from phishing attacks targeting
individuals hoping to gain fast profit, trustworthiness, and naivety, believing
scammers were a part of the Cash App company and that their account was
infiltrated. During research on how phishing techniques occur in Alaban's
article, Phishing attacks survey: Types, vectors, and technical
approaches - Future Internet, he broke down how social engineer attacks
happened. He states that a social engineering attack's ultimate purpose is to
prevent the victim from behaving logically and instead depend on emotions that
can be controlled. This comprises feelings like Greed, Fear, Anger, Patriotism,
Friendship, Sense of responsibility, Sense of belonging, Sense of authority,
Philanthropy, and Vanity (Alabdan, 2020). By exploiting these emotions and
preventing the target from behaving logically, a phisher may persuade a target
into acting without proper consideration, ultimately obtaining sensitive
information (Alabdan, 2020).
In conclusion, Cash App is a popular option for people
who want to make money transfers easier. Users can send and receive money using
a phone number, email address, or $cash tag. Its interface is easy to use. The
app also has a debit card that can be reloaded, a way to deposit cash at
popular stores, and even a way to invest in stocks and cryptocurrencies.
Concerns have been raised, though, about how safe and trustworthy the app is
and whether or not it can refund money in the case of fraud or hacking. Even
with these worries, Cash App remains a useful tool for people who don't have a
bank account and a convenient way to handle simple financial transactions.
References
Alabdan, R. (2020).
Phishing attacks survey: Types, vectors, and technical approaches. Future
Internet, 12(10), 168. https://doi.org/10.3390/fi12100168
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