{"id":155401,"date":"2022-07-05T11:06:31","date_gmt":"2022-07-05T18:06:31","guid":{"rendered":"https:\/\/www.mcafee.com\/blogs\/?p=155401"},"modified":"2023-08-19T01:37:30","modified_gmt":"2023-08-19T08:37:30","slug":"kids-cash-apps-what-parents-need-to-know","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/family-safety\/kids-cash-apps-what-parents-need-to-know\/","title":{"rendered":"Kids &#038; Cash Apps: What Parents Need to Know"},"content":{"rendered":"<p><span data-contrast=\"auto\">Fewer people carry cash these days, kids included. This growing paperless reality fast-forwards the parenting task of educating kids on financial responsibility. As of 2021, most cash apps allow kids 13 and up to open accounts (previously, the age was 18). Kids can also get a cash app debit card for retail purchases. But while cash apps are a popular and convenient tool, they come with some risks families should consider.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Instant Transactions<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Cash apps allow kids to exchange money with friends directly from a secondary established account, much like handing another person cash. Cash apps have become a popular tool with kids and an easy way to split costs or pay someone for a purchase. Cash apps also come in handy for families and allow parents to instantly send their children money for daily expenses such as school or sports fees, meals, purchases, or entertainment. Some common cash apps include Venmo, Zelle, Cash App (Square), Pay Pal, Zelle, and Facebook Pay, among others.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Some Risk<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Sounds awesome right? But with ease comes risk. Most money transfer app funds are not FDIC insured. That means if your child (or you) accidentally sends money to an unintended recipient, they may have a tough time recovering those funds.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Every app comes with some degree of risk. While the leading cash apps are considered secure and can be used with little concern, there&#8217;s always the potential of a cyber crook finding a security loophole that exposes your money, banking information, and identity.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">10 Cash App Safety Tips for Families<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/h2>\n<ol>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Discuss the risks. <\/span><\/b><span data-contrast=\"auto\">Clicks within a cash transfer app equal <\/span><i><span data-contrast=\"auto\">real<\/span><\/i><span data-contrast=\"auto\"> cash.\u202fHelp your kids understand digital money is equal to <\/span><i><span data-contrast=\"auto\">actual <\/span><\/i><span data-contrast=\"auto\">dollars. Take the time to discuss\u202fcurrent scams\u202fand how to practice extra care when using cash apps.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Use safeguards. <\/span><\/b><span data-contrast=\"auto\">Using security best practices is not a skill that comes naturally to most people. It&#8217;s something that must be practiced and improved constantly. Just like computers,\u202f<\/span><a href=\"https:\/\/www.mcafee.com\/blogs\/consumer\/beware-of-brata-how-to-avoid-android-malware-attack\/?hilite=%27avoid%27%2C%27app%27%2C%27scams%27\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">mobile devices can be infected<\/span><\/a><span data-contrast=\"auto\">\u202fwith viruses and malware. One way to protect mobile devices (and cash apps) is to subscribe to a mobile antivirus product, such as<\/span><span data-contrast=\"auto\">\u202f<\/span><a href=\"https:\/\/www.mcafeemobilesecurity.com\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">McAfee Mobile Security<\/span><\/a><span data-contrast=\"auto\">, which includes<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">safe browsing, scanning for malicious<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">apps, and locating your device if it is lost or stolen.<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Layer up app security.<\/span><\/b><span data-contrast=\"auto\"> In addition to an antivirus tool, guide your kids in how to add additional security to their cash apps. Guide them in how to follow <\/span><a href=\"https:\/\/www.mcafee.com\/blogs\/consumer\/strong-password-ideas-to-keep-your-information-safe\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">password security protocols<\/span><\/a><span data-contrast=\"auto\"> and how to add protection in the form of <\/span><span data-contrast=\"none\">a PIN code, facial ID, or fingerprint ID. While you are at it, make sure your child locks their device in the same way. These steps offer more protection in case your child\u2019s phone is stolen or lost, and a stranger attempts to use the cash app.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Slow down and verify. <\/span><\/b><span data-contrast=\"auto\">As fast as kids\u2019 fingers move on keypads, advise your child to slow down and verify spelling and a recipient\u2019s account address when using a cash app. Most cash app providers will not help users recover misdirected funds. One typo or clicking on the wrong <\/span><i><span data-contrast=\"auto\">Jake Williams<\/span><\/i><span data-contrast=\"auto\"> in the recipient list can cost you or your child big bucks.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Only connect with\u202ffriends.<\/span><\/b><b><span data-contrast=\"auto\">\u202f<\/span><\/b><span data-contrast=\"auto\">When\u202f<\/span><a href=\"https:\/\/www.mcafee.com\/blogs\/consumer\/family-safety\/are-cash-transfer-apps-safe-to-use-heres-what-your-family-needs-to-know\/?hilite=%27cash%27%2C%27apps%27\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">using cash<\/span><span data-contrast=\"none\">\u202f<\/span><span data-contrast=\"none\">apps<\/span><\/a><span data-contrast=\"auto\">, advise kids to only exchange money with people they know. Scammers have been known to befriend minors only to ask for a loan or offer goods or services. Once the payment is sent, the scammer instantly deletes their accounts and is gone without a trace.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Stay on top of cash app scams.<\/span><\/b><span data-contrast=\"auto\"> Check<\/span><span data-contrast=\"auto\">\u202f<\/span><a href=\"http:\/\/www.bbb.org\/ScamTracker?__hstc=167606689.80930d58ad3f390f10f4c045b3f987af.1626759803823.1626759803823.1626759803823.1&amp;__hssc=167606689.5.1626759803823&amp;__hsfp=3745773889\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">BBB Scam Tracker<\/span><\/a><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">to see how bad actors are targeting cash app users. In searching cash app scams on this site, consider reading the personal stories (click &#8220;details&#8221; of each reported scam) of the people who have been victimized. This might be a very effective way to converse with your kids about the natural consequences of online scams.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Safeguard personal data.<\/span><\/b><span data-contrast=\"auto\">\u202fRemind kids not to share\u202ftheir\u202femail, address, or other\u202finformation.\u202fAlso, avoid clicking pop-up ads,\u202ftrendy\u202fquizzes, and\u202frandom website URLs designed to plant malware on a device that steals bits and pieces of personal info that can be used for various attacks, including financial and identity theft.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Link your app\u202fwith\u202fa credit card<\/span><\/b><span data-contrast=\"auto\">.\u202fIf possible, consider linking your child\u2019s cash app to a credit card rather than a bank account. Debit cards remove cash from an account instantly, but credit cards offer consumer protection in cases of fraudulent transactions. The one drawback is that a credit card company will charge interest on your balance.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Keep app balances low.<\/span><\/b><span data-contrast=\"auto\"> Cyber crooks can\u2019t steal funds that aren\u2019t there. For that reason, it\u2019s wise to keep balances low in your child\u2019s cash app account.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"%1.\" data-font=\"Avenir Book,Calibri Light\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559684&quot;:-1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Teach financial literacy basics.<\/span><\/b><span data-contrast=\"auto\"> The cash app conversation is an excellent opportunity to begin or expand your family&#8217;s conversation on financial literacy. Here are <\/span><a href=\"https:\/\/money.usnews.com\/money\/personal-finance\/family-finance\/articles\/ways-to-teach-kids-about-money\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">several helpful resources<\/span><\/a><span data-contrast=\"auto\"> that will help you teach your kids financial literacy at any age.\u00a0\u00a0 \u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:252}\">\u00a0<\/span><\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">The use of cash apps is here to stay and, no doubt, an integral part of the overall paperless fast track we\u2019re all on. Guiding kids into this realm equipped with knowledge and confidence is a powerful way parents can help kids enjoy the responsibility of money without falling prey to digital risks.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cash apps are here to stay, and your kids are likely happily using one of them. Here&#8217;s how to make sure they know how to send and receive funds securely.\u00a0<\/p>\n","protected":false},"author":642,"featured_media":155402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[15293,15292,5891,15291,5890],"coauthors":[3359],"class_list":["post-155401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-safety","tag-banking-app","tag-borrow-money-cash-app","tag-cash-app","tag-money-transfer-apps","tag-venmo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kids &amp; Cash Apps: What Parents Need to Know | McAfee Blog<\/title>\n<meta name=\"description\" content=\"Cash apps are here to stay, and your kids are likely happily using one of them. Here&#039;s how to make sure they know how to send and receive funds securely.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kids &amp; Cash Apps: What Parents Need to Know | McAfee Blog\" \/>\n<meta property=\"og:description\" content=\"Cash apps are here to stay, and your kids are likely happily using one of them. 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