3 Common Cash App Scams and How to Evade Them

3 Common Cash App Scams and How to Evade Them
3 Common Cash App Scams and How to Evade Them

The thieves and fraudsters use the Cash Apps for stealing money of the people, raising questions about the security of such contactless payment apps. Nowadays, cash app scams are common. A lot of people have faced such scams. Here, we will discuss the three most common cash app scams.

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Fake #CashAppFriday offer

Fake CashAppFriday offer
Fake #CashAppFriday offer

On Fridays, the cash app has official sweepstakes where the users can win cash awards. However, there is a lot of fake cash app Friday events on several social media platforms like Facebook and Instagram using the promotional hashtag “#CashAppFriday”. The fraudsters create fake referrals and message the users and ask them to transfer several dollars through the cash app or for sharing login details to get a chance to win. The user might send the info or money, but he will never get something in return.

According to Gordon, if you are looking to participate in the Cash App sweepstakes, double-check the link to enter if it comes from the verified Twitter account of the Cash App having a blue checkmark next to the username. Moreover, you also have to avoid the brands and organizations that fraudsters often imitate.

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Fake COVID-19 program.

Fake COVID-19 program
Fake COVID-19 program

The Covid 19 epidemic has been a boon for fraudsters who want to swindle cash app users out of their money. According to the Federal Trade Commission, fraud complaints on the Cash app have increased by 472% during the epidemic. Moreover, according to Velasquez, several scammers create fake grants or relief programs asking for advance fees to get benefits, whereas several advertise fake lottery or giveaway scams claiming that you have won the reward for being vaccinated.

Although “this seems understandable as there exist real lotteries in many states,” she says, there is a big red flag. These fraudsters might ask you for financial information and identity credentials. Moreover, they may also request to pay the fees or taxes in advance. Velasquez recommends confirming the offer with the organization via their official phone number if it seems fishy. You have to double-check before giving the information of your account to a person claiming to be a government employee. It is a sign that you may fall for these other coronavirus scams.

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Cash flipping

Cash flipping
Cash flipping

The general rule is that when coming to cash app frauds, if that sounds too good to be true, according to Gordon, maybe it is. For instance, one of the most common scams on social media platforms is to increase or refund your money when you first send them through the Cash app. If you send 10-1000 dollars, they say to give you back double or triple the original amount.

Furthermore, there are also several other types of cash app scams. You may be asked to deposit a specific amount in return for a high rate from the people participating in the circle. With these scams, you will never be able to get something in return, no matter what a cash wheel, pyramid scheme, or money circle is called.

According to Gordon, you never have to send money to someone you don’t know to protect yourself from being deceived. You have to keep the transactions with the people you trust and know well, no matter how good the deal seems.

What to do if you have been scammed

What to do if you have been scammed
What to do if you have been scammed

According to the Cash App website, you must report to Cash Support and cut off contact with the scammer if you consider yourself a victim of cash app fraud. Furthermore, Velasquez recommends alerting the IC3 (Internet Crime Complaint Center) and FTC (Federal Trade Commission) if you have lost your money. Moreover, you also have to change the password of your Cash App account and keep your other accounts consisting of choosing a strong password of 12 characters or more. In addition, you don’t have to use the same password for all accounts, and use a password manager to save all the passwords.