This article was paid for by Cash App.
Whether you’re splitting a restaurant bill with friends or paying your half of the rent, the days when you’d count out a stack of bills or write a check are long gone.
Money transfer apps make it easy to send (or receive) money in just a few taps. However, this convenience comes with concerns, particularly when it comes to protecting your financial information and other sensitive data.
As digital payments become more common — and scams become more sophisticated — it’s worth brushing up on how to use these tools safely. Here are a few dos and don’ts to help you take full advantage of the speed and seamlessness of digital payment apps, without compromising your security.
Cash App
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Cost
Free to download and use basic services
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Transfer speed
1 to 3 business days or instant cash-out deposits for a 1.5% fee (25-cent minimum)
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Standout features
Cash App users can invest in individual stocks and buy and sell Bitcoin. Cash App Offers automatically discounts purchases from participating retailers.
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Links to accounts
Yes, bank accounts and credit cards
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Availability
Available for both iOS and Android
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Security features
Data encryption and fraud detection technology; unique, one-time login codes, two-factor authentication
Do: Enable extra security features
Look for a digital payment app that uses Face ID, Touch ID, a secure PIN or other security measures to approve payments. These should be quick and easy to toggle in your settings.
Taking these extra steps prevents a person from making unauthorized payments if they’re able to get their hands on your device (like if you lose your phone or leave it out somewhere).
Don’t: Assume all money transfer platforms are the same
There are steps you can take to tighten your online payment security. But your to do its due diligence, as well. That means looking for an app like Cash App, which has strong security protocols such as:
- Encryption
- Fraud detection technology
- Privacy controls
- Identity verification
- Real-time alerts
Do: Stay alert for scams
Beyond being vigilant about who you’re sending money to and double-checking the payment amount, you’ll also want to keep an eye out for scams. Your app should make it easy to report any suspicious activity, unauthorized transactions, or fraudulent accounts you come across.
Wondering how to separate the sketchy from the safe? All of the following are potential red flags:
- Instilling a sense of urgency (e.g., “Send payment within 20 minutes!”)
- Asking you to click a link, especially when you weren’t expecting one
- Randomly receiving a text, social DM, or call from “customer support”
When it comes to safely sending money online, this is your golden rule: If something feels off, it probably is.
Don’t: Share your login code or PIN
Have you received a call, text, or email requesting your login information? Pump the brakes — that’s likely another scam. You should never be asked for your sign-in code or details outside of the app. If you are, it’s likely another scam or fraud attempt.
Similarly, don’t share your login details with your friends or family. Even if they’re trustworthy, they likely won’t be as cautious with your information as you are.
Do: Confirm your recipient’s identity and payment details
Once a digital payment is sent, it can be challenging to recover your money. That’s why it’s crucial to thoroughly review the details of your payment before pressing “send.”
That starts with confirming that you’re sending money to the correct person. Ideally, your chosen app will alert you if you’re sending to someone who isn’t already in your contacts and ask you to verify the recipient. Additionally, if you’re sending to a brand or public figure, look for a verification badge to confirm the account is authentic.
Don’t: Send money to someone you don’t know
One of the best things you can do to keep yourself (and your money) safe is to only send payments to people you know, such as your friends, family, and trusted businesses. For maximum safety, aim to confirm with the recipient face-to-face on details of the transaction, including the amount and the payment method.
If you’re unsure if you have the right recipient, surprised by the requested payment amount or notice any other red flags, take the time to investigate carefully before sending any money.
Final thoughts
When you need to send or receive money, you don’t have to choose between speed and safety. When you use a trustworthy mobile payment service like Cash App and know what to watch for (and what to avoid), you’ll benefit from the convenience of instant payments — without putting your money and data at risk.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
