Total mentions of the words "fraud" or "scam" in app user reviews jumped 335% for Cash App in February 2021, compared with February 2020. Mobile intelligence firm Apptopia says certain payment apps have been flooded with scams since the pandemic. The majority of the complaints involved money transfer, virtual currency, or money services issues.ĭata from mobile intelligence provider Apptopia shows total mentions of "fraud" or "scam" in app user reviews jumped 335% year over year for Cash App from February 2020 to February 2021. Though the BBB does not disclose its volume of pending complaints, Lori Wilson, president and CEO of the BBB's San Francisco Bay Area and Northern Coastal California chapters, said the number of closed complaints is "probably" the metric that best reflects total complaints.Īccording to the Consumer Financial Protection Bureau (CFPB), over the past three years, the agency received 1,559 complaints concerning Cash App’s parent company, Square, under which any Cash App complaints are filed. PayPal, which has 377 million active accounts, had 7,215 complaints. Complaints handled concerning Venmo for the same timeframe totaled 928, for Zelle 83. Over the past year, the Better Business Bureau (BBB) has "closed" or looked into 2,485 complaints concerning Cash App, and 3,532 concerning Square, where customers have also logged Cash App complaints. Story continues '85% of the apps we look at have some sort of security or privacy issue' Cash App acknowledges that it has no live phone support "generally available," but says it views fighting fraud as critically important and has invested in technology to flag potential scams. The six Cash App customers said repeated efforts to talk directly with a human being at the company to help them get their money back were largely unsuccessful, exhausting, and stressful. It accepts direct deposits for paychecks and government stimulus funds, processes peer-to-peer transfers, offers its own branded debit card, and permits users to buy and sell stock and bitcoin ( BIT-USD) within the app (as of March 17, it lets users send bitcoin to other Cash App users for free). Mobile payment platforms such as Cash App, as well as PayPal ( PYPL), PayPal's Venmo, Google Pay, and bank owned Zelle, have seen a rise in downloads during the COVID-19 pandemic, and with the increase, a jump in the number of app reviews mentioning the word "scam" or "fraud" for all except Zelle, according to mobile intelligence firm Apptopia.Ĭash App - which accounted for nearly half of Square's profit in the most recent quarter - stands out for its wide range of available transactions. MaTweet posted by Cash App user Shania Jensen
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