Cash App data breach could affect millions of users, you could be one of the users whose data has been leaked. Cash App is one of the most popular P2P payments apps.
With more than 36 million active users, the Cash App data breaches may put the financial information of millions of people at stake. Block, the parent company, has confirmed this Cash App data breach.
Why Did Cash App Data Breach 2023 Happen?
The cash App data breach 2022 happened because of a former Cash App employee, This data breach occurred as the former x-employee gathered customer names, brokerage account numbers, portfolio information, and even some stock trading activities.
The Cash App data breach happened somewhere back in December, so Block has now officially confirmed the data breach and reported it to SEC.
Now more than 8 million users have been informed about the data breach, and potentially millions of users’ financial data are at risk. Complete details are yet to be figured out.
Cash App Data Breach 2023- Who is at risk?
Cash App is a very popular application, that is used by people to send and receive money online, people use this application to trade stocks as well as trade-in bitcoin.
So this data breach has put millions of users’ personal and financial data at risk. If you are a Cash App user, your data might also not be in safe hands.
Why Did Data Breach in Cash App Happen?
As we all know that employees that work at these platforms have access to the personal data of every user, so the ex-employee that was responsible for this data breach had an access to the data because it was necessary for his job.
He collected all of the user data on the Cash App and then this data was somehow leaked.
What Data Is Still Safe After Cash App Data Breach 2023?
Cash App collects a lot of users’ data, including their names, ID information, SSN, Phone numbers, email, usernames, Bank account numbers, passwords, Credit card information as well as transaction history and information.
That is a lot of data, which belongs to normal users like you and me, and now this data is at risk, Cash App data breach is of great concern and now we are all thinking, what app should we trust.
Block states that passwords, usernames, and more sensitive information like Social Security numbers or bank details were not part of the breach.
What Should You Do After Cash App Data Breach?
Block has reached about 8 million Cash App users and informed them about the breach and is still trying to reach more people. Now that the breach has happened, what should you do?
To be safe, I would suggest, you should quickly update your passwords. This is the best way to stay safe for now, if you have not activated two-step verification, set it up.
How Can You Avoid Being Affected By Cash App Data Breach In Future?
Data is the most important thing in this era, You should add as many layers as possible to keep your data safe. I would advise you should look into platforms like Plaid.
Plaid acts as an intermediary between your bank and any financial app, Plaid adds an extra layer of security, it encrypts all of the data that any financial app uses.
Your bank information will first be encrypted and then will be shared with the app. This is great, so if any Data breach happens in the future you will stay safe.
Block’s Stance on Cash App Data Breach 2023
Block said it does not expect the breach to have affected its financial performance.
“Although the company has not yet completed its investigation of the incident, based on its preliminary assessment and on the information currently known, the company does not currently believe the incident will have a material impact on its business, operations, or financial results,” the filing said.
Verdict
We as users are always at risk, our data is very precious to us, and we trust these companies with our personal information, and in case of any data breach we suffer the most.
I would recommend that all of you should change your passwords on Cash App immediately. I will keep you updated of any upcoming information about the Cash App data breach.
Stay Safe