News Summary:
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“It’s scary!” Liz Shelby, who said their son was a victim of the hacking, told Motherboard in an online chat. “My son saved up some cash for a small vacation with his grandma. We put it in his Cash App before he left. He called me on Aug. 9, and told me that his money was gone.”
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According to individuals Motherboard spoke to, hackers are hacking into Cash App accounts of unwitting victims and taking hundreds of dollars. According to one individual, Cash App did not compensate them for the money that was stolen.
According to victims Motherboard spoke to, hackers are sneaking into unwary victims’ Cash Service accounts, a hugely popular payment app, and taking hundreds of dollars. According to one person, Cash App has not compensated them for the money that was taken in their situation.
With more than 50 million downloads from the Google Play Store, Cash App is one of the most downloaded payment service apps. Large-scale cash giveaways on social media are another reason why Cash App is infamous. The payment services provider Block, formerly known as Square, is the owner of the app. The business is led by Jack Dorsey.
“I’m not getting anywhere and I’m sure my son will never get his money back,” she added.
Another victim, Marvis Herring, told Motherboard that thieves tried to take $1,400 in two instalments of $700. Herring thinks his bank stopped the fraudulent transactions in those instances.
Motherboard observed a large number of additional people posting on social media about how their Cash App accounts had been breached.
“The main thing I thought was weird is that I went to change my account password and there really isn’t a password for Cash App accounts,” Herring added. When users sign up to Cash App, they can use either an email address or a phone number to open an account. After doing so, they receive a login code sent to either of those.
“Preventing fraud is critically important to Cash App. We continue to invest in and bolster fraud-fighting resources by both increasing staffing and adopting new technology. We are constantly improving systems and controls to help prevent, detect, and report bad activity on the platform,” a Cash App spokesperson told Motherboard in a statement. “For those who believe they have fallen victim to an identity-theft or account take-over scams, we encourage them to reach out to Cash App Support where we will review the account in question. If deemed fraudulent, we will take the necessary action starting with account closure and disablement of all applicable products.” Additionally, it appears that scammers are selling Cash App accounts to facilitate money laundering. Motherboard discovered numerous ads for these freshly established and validated accounts on a dark web marketplace. To use several features of Cash App, users must authenticate their identification, which may require them to give the site their Social Security Number. These already verified accounts will allow fraudsters to buy Bitcoin through the Cash App without having to verify their identity, the listing suggests.
