I don't know if you can just intercept an email, preventing it from reaching its' final destination. I know you can intercept it and read a copy of it. I don't see any more risk in this setup than traditional systems. If your system is that compromised there are several ways to get your card information directly as opposed to working within a system that has the attacker's debit card (read: bank account not credit account) attached for deposits.
I don't think any system is protected perfectly from theft, real cash included. Square Cash works smoothly. I'm curious what information they're getting that makes waiving charges worth it.
When I hit the link card button, it brought me to a secure site and asked for my debit card #, expiration date and zip code. No name or anything else.
Once I filled in the info and hit confirm we both received another round of emails.
She clicked on the link to deposit cash and was given the same screen asking for a debit card number, exp. date and zip code. Nothing else.
After she confirmed, another round of emails went out.
I sent another $5 to her account to catch screens from the website. Turns out when you're already linked an account to your email, you just get an email asking to confirm instead of having to relink your bank account. Once you hit the confirm button, money is sent.
She received an email waiting for me to confirm and an email saying that funds were deposited with the same text as before. She didn't have to do anything for the second payment and it was deposited into her account once i confirmed.