Man lost thousands of dollars on Cash App after thief stole phone

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CHARLOTTE — A North Carolina man learned the importance of locking his phone after losing thousands of dollars on Cash App.

Todd Whidby says he left his phone in his car and someone stole it. I then changed the password to prevent Whidbee from accessing it. Once Whidbee was locked out of his phone and account, the thief transferred over $2,200 of him to an unknown account through his Cash App.

Remember, Cash App is like cash.

As digital banking apps become more popular, Action 9’s Jason Stoogenke has answers on how to protect yourself.

If someone withdraws money from your account, will Cash App refund you?

Cash App’s website warns users that “If you allow third parties to access your account, you may not be able to recover lost funds.”

How can I make my Cash App account more secure?

Cash App has tips to watch out for scams and phishing attempts, use two-factor authentication when logging in, set up payment verification, and more.

What should I know about people pretending to use Cash App?

The company said: There is no valid reason to send money to an account that claims Cash App or Cash App support. In addition, scammers pretending to be service representatives from other companies may request that money be transferred to another of her Cash App accounts. Don’t do this — it may be a scam. ”

What other ways can I protect my money when using payment apps?

Keep an eye on your smartphone and set the code to unlock it. Be careful with your bank account.

Speaking of digital wallets, what are the $600 rules for Venmo, PayPal, or Cash App transactions?

Previously, if you sold an item and your customer paid more than 200 times (in a year) totaling $20,000 or more through the Money app, you had to report it using the 1099-K form. If you are currently paying $600 or more annually using our payment platform, you should use the 1099-K form. This is a much lower threshold. Please ensure that each third-party payment platform that receives your transaction provides that form. Important note: I had to pay taxes on my income either way. What has changed is how it is reported.

Also, the first step in preventing a situation like Whidbee is to keep an eye on your phone and set a code to unlock it.

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