cash app scams to avoid

4 Cash App Scams To Avoid In 2020

Without any ways of getting refunded on the Cash App, you should read this article until the end. There are many Cash App scams to avoid and you'll learn it by reading until the end.

Peer to peer transactions via mobile services have been the revolution that people needed to transfer money to their loved ones via the mobile app. One of the best mobile apps that can do so efficiently is Cash App. With a surge in its popularity Cash App has been making the lives of people better with its user-friendly design and weekly competitions featuring cash giveaways.

This is for the users that regularly use the app to transfer money and engage with them on their official social media platforms.

However, with the rise in its popularity, how can scammers be left behind in exploiting its popularity?

According to the latest report from the FTC, there have been losses to the tune of $423 million in wire transfer fraud in 2019. The alarming thing is that fraud payment via mobile apps like Cash App is also on the rise.

Cash App Scams To Avoid

So, what are some of the Cash App scams to avoid?

  • Phishing scams are rampant in traditional online banking systems and they seem to have caught onto the mobile app bandwagon. Cash App has witnessed a rise in a lot of people impersonating their representative, asking for your personal information in place of some cash as a free bonus. Many scammers have also created a duplicate Cash App mobile app just like the original so that when you unknowingly enter your personal information to access your account, the details will be stolen.
  • A gift card is an incentive to regular users of any service and this has also been tapped by the scammers for Cash App. Fake promises of giving you gift cards amounting to a huge amount of money in exchange for prepaid gift cards purchase by you as service charge is a new type of scam. This is a new type of scam where the scammer promises to send you the money when you purchase a prepaid gift card and when you send over the card details, they use it and block you.
  • Fake giveaway campaigns are also on the rise with apps like Cash App. Scammers have targeted the massive interest shown by the user of Cash App, and they are now posting fake giveaway contests so that they can get sensitive personal information that can then be used to access your bank account.
  • Money flipping is an old trick but brought out as something new for the mobile apps. In this scenario, the scammer promises to flip the small amount of money given by the user into a large sum of money within a few days. They even have a few dummy accounts and testimonials from those fake accounts telling that this is legitimate. As soon as the user sends them that money for flipping, they vanish with those funds.

If you are scammed or think that you might be engaging with a scammer, a complaint to the FTC as well as the Cash App team should suffice. These authorities will take necessary action to curb the actions of the scammer and prevent anyone else to fall victim to such people.

Now that you know these Cash App scams to avoid, here are some articles about Cash App that you might be interested in.

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