Data Breach Cash App - Know How it Affected Millions of Users
Written by: Cashapp
Cash App is popular among the citizens of the USA and the UK for peer-to-peer financial transactions. Cash App users can invest in stocks, bitcoin purchases, and make digital payments. As we all know, every transactional platform has tight security protocols where the user's secure and sensitive data are kept confidential. However, The Cash App has recently found that its former employee had access to the customers' information. So, this drastically impacted around 8.2 Million customers under the data breach Cash App.
As per the Cash App spokesperson in their statement to Mashable. The ex-employee of Cash App had accessed the user’s confidential information to misuse their accounts and invested funds. It includes their brokerage account and many other resources. In addition, its financial app's owner Block investigated the overall scenario. And, notified the Security and Exchange Commission (SEC) about the Cash App breach.
Block Admits Cash App Data Breach, Former Employee Accesses It
The safe mobile payment services Cash App has a parent company Block. And, it thoroughly investigates any fraud or scams done on the Cash app on a large scale.In addition, they had only investigated and notified over 8.2 million current and former U.S. customers about the Cash App breach.
According to the sources, the ex-employee amassed information on portfolio holdings. And, client names, brokerage account numbers, and even certain stock trading operations. But according to Block, the hack did not include most of the things. It includes passwords, usernames, or more private data like Social Security numbers or bank account info.
Moreover, this data was accessible to the ex-employee as part of their job duties when the Cash App data breach occurred in 2021–2022. Block took immediate action to correct the situation and is also aware of how the person accessed the data. However, this employee had access to the Cash App customer’s data, even after he left the company. And, he accessed all the data, unethically as recorded by U.S. Securities and Exchange Commission (SEC).
Block (Square), has notified a data breach Cash App incident involving a former employee. And, its downloading reports regarding its Cash App that included data on its U.S. clients. Further, Block has alerted 8.2 million current and former customers about the Cash App data breach 2022. And, the preventive measures to protect themselves from any of its future attempts.
What Details Were Disclosed by the Leak?
According to Block's statement regarding the Cash App breach, very sensitive information was exposed. And it includes customer identities, account numbers, trades, and other information. Furthermore, Cash App users who downloaded the app on their smart device and used it had to pay a fee.
So, the hackers had access to the user's sensitive credentials, and this resulted in the fraud from their account. Although, according to Cash App, the number of clients who were specifically impacted is unknown. However, it appears that over nine million people were impacted by the leak, so it was the prime responsibility of the Block to take care of the thorough investigative process.
How has Block Handled the Leak?
Firstly, Block figured out on did cash app have a data breach, and it went through an investigation on millions of Cash App users' accounts. So, after looking at technical and administrative protections to ensure that clients could send the cryptocurrency company their highly sensitive personal data in a second statement.
How to Protect Your Financial Information on the Cash App
Although Cash App is a safe and completely secure platform, still it gets majorly affected by scamming attacks. In case, users do not follow some security protocols during the handling of their respective Cash App accounts. And, following the security protocols, will save you from any confidential data leakage or Cash App breach possibilities in the future.
So, here are some informative steps, by following this, you may secure your financial Cash App and other added accounts:
Check your Credit repeatedly
Users are advised to keep an eye on their credit for unknown transactions or outside invasions and activities to the credit accounts. In addition, they can do so by registering for Credit Karma or Credit Sesame, to visualize all the activities.
If necessary, freeze your credit
Any financial fraud can be avoided, once you freeze your credit card, or limit the transaction amount. It will notify you, once the transactions of any unwanted frauds go beyond the limit.
True two-factor authentications
Two-factor authentication (2FA) secures your account by putting double layers of security, even if you are running your secure password or username. In addition, this will proceed with the one-time code, PIN, or even with some biometric verification.
Repeatedly update your login credentials
If you want to safely log in every time to your Cash App account. You need to update the login credential for your Cash Apps accounts like email Id and good strength password.
It saves to avoid any kind of Cash App data breach 2022 possibilities. However, the preventive measures are many, but still, the steps listed above will mainly save you. And, it includes from getting into the data breach Cash App or any other scamming attacks.
The Cash App breach impacted around 8.2 million of their Cash App users. And it was because sensitive credentials were leaked by former Cash App employees while they were working there. However, it was investigated by its parent company, Block. And, the statement was reported to the Securities and Exchange Commission (SEC). Moreover, according to the spokesman and the SEC filing. Cash App started an investigation with the assistance of a forensics company.
Further, after the confirmed investigation of the possible data breach Cash App. They also instructed their Cash App users to take all the necessary preventive measures. And follow the required security protocols. This not only saved them from future monetary losses but also created a strong awareness among the citizens of the USA. Hopefully, this complete guide is informative for Cash App users.