diff --git a/apps/flipcash/core/src/main/kotlin/com/flipcash/app/core/links/ExternalLinks.kt b/apps/flipcash/core/src/main/kotlin/com/flipcash/app/core/links/ExternalLinks.kt
index 7d08e99ba..ed51738c6 100644
--- a/apps/flipcash/core/src/main/kotlin/com/flipcash/app/core/links/ExternalLinks.kt
+++ b/apps/flipcash/core/src/main/kotlin/com/flipcash/app/core/links/ExternalLinks.kt
@@ -112,6 +112,9 @@ private fun asciiHost(host: String): String {
  * secondary. Above the button sits "Don't ask again for <host>", unchecked; [trusted] keeps the host
  * only when Open Website is tapped with it checked.
  *
+ * A masked link, whose text is a [label] rather than its address, says so in the subtitle:
+ * "<label>" will open <host>. A bare link keeps the plain subtitle.
+ *
  * Only for links someone else wrote, such as a chat message. A link the app opens on purpose
  * (terms, a token's socials) goes straight to the browser.
  */
@@ -119,6 +122,7 @@ fun openWithExternalLinkCheck(
     context: Context,
     url: String,
     trusted: TrustedWebsites,
+    label: String? = null,
     open: () -> Unit,
 ) {
     val trustedHosts = trusted.websites.value.mapTo(mutableSetOf()) { it.host }
@@ -129,7 +133,11 @@ fun openWithExternalLinkCheck(
             externalLinkWarning(
                 destination = destination,
                 title = context.getString(R.string.prompt_title_externalLink),
-                message = context.getString(R.string.prompt_description_externalLink, destination.host),
+                message = if (label == null) {
+                    context.getString(R.string.prompt_description_externalLink, destination.host)
+                } else {
+                    context.getString(R.string.prompt_description_externalLinkMasked, label, destination.host)
+                },
                 openWebsite = context.getString(R.string.action_openWebsite),
                 dontAskAgain = context.getString(R.string.action_dontAskAgainForHost, destination.host),
                 onTrust = trusted::trust,
@@ -188,4 +196,9 @@ class ExternalLinkUriHandler(
     override fun openUri(uri: String) {
         openWithExternalLinkCheck(context, uri, trusted) { delegate.openUri(uri) }
     }
+
+    /** A masked link: the warning names [label] as well as the host it really opens. */
+    fun openMasked(label: String, uri: String) {
+        openWithExternalLinkCheck(context, uri, trusted, label) { delegate.openUri(uri) }
+    }
 }
diff --git a/apps/flipcash/core/src/main/res/values/strings.xml b/apps/flipcash/core/src/main/res/values/strings.xml
index c0f7f9167..b751c0cd0 100644
--- a/apps/flipcash/core/src/main/res/values/strings.xml
+++ b/apps/flipcash/core/src/main/res/values/strings.xml
@@ -400,6 +400,8 @@
     <string name="prompt_title_externalLink">You\'re Leaving Flipcash</string>
     <!-- %1$s is the link's host. -->
     <string name="prompt_description_externalLink">This will open %1$s. Never share your Access Key with a website</string>
+    <!-- %1$s is the link's text, %2$s the host it opens. -->
+    <string name="prompt_description_externalLinkMasked">“%1$s” will open %2$s. Never share your Access Key with a website.</string>
     <string name="action_openWebsite">Open Website</string>
     <string name="action_dontAskAgainForHost">Don\'t ask again for %1$s</string>
     <string name="action_unlinkAccount">Unlink Account</string>
diff --git a/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MentionPills.kt b/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MentionPills.kt
index 77942f1b9..f986e3b92 100644
--- a/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MentionPills.kt
+++ b/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MentionPills.kt
@@ -21,6 +21,7 @@ import com.flipcash.libs.textformat.FormatStyle
 import com.flipcash.libs.textformat.RangeKind
 import com.flipcash.libs.textformat.StyledSpan
 import androidx.compose.ui.text.LinkAnnotation
+import androidx.compose.ui.text.LinkInteractionListener
 import androidx.compose.ui.text.Placeholder
 import androidx.compose.ui.text.PlaceholderVerticalAlign
 import androidx.compose.ui.text.SpanStyle
@@ -96,6 +97,7 @@ internal fun buildMentionedText(
     mentionStyle: SpanStyle,
     onMentionClick: ((String) -> Unit)?,
     formatStyles: FormatStyles = FormatStyles(),
+    onMaskedLinkClick: ((label: String, url: String) -> Unit)? = null,
 ): MentionedText {
     // Out of order or overlapping only if the caller handed over ranges from other text.
     val ordered = mentions.sortedBy { it.start }.fold(emptyList<DetectedMention>()) { kept, mention ->
@@ -166,8 +168,17 @@ internal fun buildMentionedText(
                 ?: display.substring(link.start, link.end).let { shown ->
                     detectUrls(shown).firstOrNull()?.url ?: shown
                 }
+            // A masked link's label is not its address, so the open warning is told the label.
+            val listener = onMaskedLinkClick.takeIf { link.target != null }?.let { masked ->
+                val label = display.substring(link.start, link.end)
+                LinkInteractionListener { masked(label, url) }
+            }
             addLink(
-                LinkAnnotation.Url(url = url, styles = TextLinkStyles(style = linkStyle)),
+                LinkAnnotation.Url(
+                    url = url,
+                    styles = TextLinkStyles(style = linkStyle),
+                    linkInteractionListener = listener,
+                ),
                 start = laidOut(link.start),
                 end = laidOut(link.end),
             )
diff --git a/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MessageBubble.kt b/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MessageBubble.kt
index 9cfd79aa5..f36db3e28 100644
--- a/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MessageBubble.kt
+++ b/apps/flipcash/shared/chat-ui/src/main/kotlin/com/flipcash/shared/chat/ui/MessageBubble.kt
@@ -42,6 +42,7 @@ import androidx.compose.ui.layout.Layout
 import androidx.compose.ui.platform.LocalContext
 import androidx.compose.ui.platform.LocalDensity
 import androidx.compose.ui.platform.LocalInspectionMode
+import androidx.compose.ui.platform.LocalUriHandler
 import androidx.compose.ui.platform.testTag
 import androidx.compose.ui.res.stringResource
 import androidx.compose.ui.text.AnnotatedString
@@ -60,6 +61,7 @@ import androidx.compose.ui.unit.Dp
 import androidx.compose.ui.unit.dp
 import androidx.compose.ui.unit.sp
 import androidx.paging.compose.LazyPagingItems
+import com.flipcash.app.core.links.ExternalLinkUriHandler
 import com.flipcash.app.core.ui.TokenIconWithName
 import com.flipcash.app.theme.FlipcashThemeWrapper
 import com.flipcash.services.models.chat.MessageContent
@@ -549,11 +551,16 @@ private fun TextBubble(
         // not rebuild the body; only whether mentions can be tapped at all is part of its key.
         val currentOnMentionClick by rememberUpdatedState(onMentionClick)
         val mentionsTappable = onMentionClick != null
+        // Only the transcript's handler knows how to warn; anywhere else a masked link opens as
+        // an ordinary one.
+        val uriHandler = LocalUriHandler.current as? ExternalLinkUriHandler
+        val currentUriHandler by rememberUpdatedState(uriHandler)
+        val maskedLinksWarn = uriHandler != null
         // A tombstone carries no link and nothing worth selecting; it is a notice, not a message.
         val mentioned = if (isTombstone) {
             null
         } else {
-            remember(bodyString, mentions, linkStyle, mentionStyle, mentionsTappable, formatStyles) {
+            remember(bodyString, mentions, linkStyle, mentionStyle, mentionsTappable, formatStyles, maskedLinksWarn) {
                 buildMentionedText(
                     text = bodyString,
                     mentions = mentions,
@@ -565,6 +572,11 @@ private fun TextBubble(
                         null
                     },
                     formatStyles = formatStyles,
+                    onMaskedLinkClick = if (maskedLinksWarn) {
+                        { label, url -> currentUriHandler?.openMasked(label, url) }
+                    } else {
+                        null
+                    },
                 )
             }
         }
diff --git a/apps/flipcash/shared/chat-ui/src/test/kotlin/com/flipcash/shared/chat/ui/FormattedBubbleTextTest.kt b/apps/flipcash/shared/chat-ui/src/test/kotlin/com/flipcash/shared/chat/ui/FormattedBubbleTextTest.kt
index 9b28a387c..d6a8073b6 100644
--- a/apps/flipcash/shared/chat-ui/src/test/kotlin/com/flipcash/shared/chat/ui/FormattedBubbleTextTest.kt
+++ b/apps/flipcash/shared/chat-ui/src/test/kotlin/com/flipcash/shared/chat/ui/FormattedBubbleTextTest.kt
@@ -153,4 +153,23 @@ class FormattedBubbleTextTest {
         val literal = "[free money] ($cash)"
         assertEquals(listOf(cash), cardLinks(literal).map { it.url })
     }
+
+    @Test
+    fun `only a masked link reports its label when tapped`() {
+        val taps = mutableListOf<Pair<String, String>>()
+        val text = "[the docs](https://example.com/docs) and example.org/a"
+        val built = buildMentionedText(
+            text = text,
+            mentions = emptyList(),
+            linkStyle = linkStyle,
+            mentionStyle = mentionStyle,
+            onMentionClick = null,
+            onMaskedLinkClick = { label, url -> taps += label to url },
+        )
+
+        val links = built.text.getLinkAnnotations(0, built.text.length).map { it.item as LinkAnnotation.Url }
+        links[0].linkInteractionListener!!.onClick(links[0])
+        assertEquals(listOf("the docs" to "https://example.com/docs"), taps)
+        assertEquals(null, links[1].linkInteractionListener)
+    }
 }