An anonymous reader quotes Motherboard’s post: Hackers are breaking into the accounts of unsuspecting Cash App, a very popular payment app, and stealing hundreds of dollars, according to the victims Motherboard spoke to. In the case of one person, they said Cash App did not reimburse them for the stolen funds. – Terrible! Liz Shelby, who said their son was a victim of hacking, told Motherboard in an online chat. “My son saved up some money for a short vacation with his grandmother. We put them in his Cash App before he left. He called me on August 9 and said he had run out of money.” Shelby said after reviewing the account, she discovered that someone else had logged into it and sent himself the money. Shelby said she emailed Cash App’s customer service to no avail. Marvis Herring, another target, told Motherboard that the hackers tried to steal $1,400 in two $700 payments. In those cases, Herring believes his bank blocked the fraudulent transactions.

Motherboard has seen many other people reporting on social media that their Cash App accounts have been compromised in some way. “The main thing I found strange was that I went to change my account password and there really isn’t a password for the Cash App accounts,” Herring added. When users sign up for the Cash App, they can use either an email address or a phone number to open an account. After that, they get a login code sent to either of them. On scam websites, dark web marketplaces, and social media, several people appear to be selling login credentials associated with Cash App accounts. Some of these people’s lists show that the logs contain the email address and password for the associated email account. Some listings may be scams, but those on dark web marketplaces come from scammers who have received positive feedback from prospective customers, according to the normal review system on such sites. One list of hacked Cash App accounts said the vendor had sold that particular item multiple times.

Scammers also appear to offer Cash App accounts for another purpose: money laundering. Motherboard found several listings on the darknet market that offer these newly created and verified accounts. The Cash App requires users to verify their identity in order to use certain features, and to do so, they may be required to provide their Social Security Number on the platform. These already verified accounts will allow fraudsters to buy bitcoins through the Cash app without having to verify their identity, the listing shows. […] On its website, Cash App advises users to ensure that two-factor authentication is enabled on the associated email address. The app also has an additional feature called Security Lock, which means that every transfer requires the user to enter a PIN code. “Fraud prevention is very important to Cash App. We continue to invest and strengthen our anti-fraud resources by increasing our staff and implementing new technology. We are constantly improving our systems and controls to help prevent, detect and report abuse on the platform,” a Cash App spokesperson told Motherboard in a statement. “To those who believe they have been the victim of identity theft or account takeover fraud, we they are encouraged to contact Cash App Support, where we will investigate the account in question. If the account is determined to be fraudulent, we will take the necessary steps, starting with closing the account and disabling all relevant products.”

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