As per the Guidelines Followed by FINRA (Financial Industry Regulatory Authority) it is required for every Payment Merchant whether Square Cash App, PayPal, Coin base or Venmo to complete Your Basic Identity verification by putting some of your Basic information’s like Last 4 Digit of Social security, Your Picture ID (Drivers License or State ID Picture) and Date of Birth in order to Monitor accounts for Large, Small or Fraud Transactions. In Same case Banks are also instructed to collect similar information for Verification to allow FINRA to monitor Your accounts activities and Transactions. get to know How to activate cash app card.
Along with this, Square Cash App has made it mandatory to Complete Your Identity verification in order to Protect your From any kind of Fraudulent or Criminal activity. In order to use Cash App for Adding Funds, Sending Funds to Friends or Family or Buying Bitcoin for Investment Purpose first You need to Complete Your Identity Verification Just to make sure that No One is Going to be Victim of Identity Theft or Lost Bank Debit Cards. Although Your All data like Debit/Credit Card, SSN Number or Date Of birth is completely Safe and Encrypted to Protect your From Online Hacking and Fraud activities.
Verification also Helps such Mobile Payment Platforms for Research and Analytics, By Monitoring your Logging or Spending activities, They Add Additional Cover of Security which means if something unusual or Suspicious they will Find, they will Immediately Prevent Current activity By asking for Verification again.
For Example:- In Case If you Will use Another Mobile from Regular One and From That New Mobile You try to Signing into Your Cash App Account, Cash App will ask for Immediate Verification in case If You will do any New activity like Adding funds or sending money to new contact in order to Protect You and Your Wealth from Online Fraud.
After Verifying Your Basic Identity Cash App takes almost 24 Hours to Verified Your Account. Once your Account is verified, You Can Use Cash App for Sending Money to Friends or Family or Can be used for Investment or Trading Purpose by Purchasing Bitcoin.