Cash App scams are becoming widespread online nowadays. if you want to know how to spot and prevent them, then continue reading this article.
First of all,
What Is Cash App?
This is due to the fact that, when you send a payment through Cash app, you can’t cancel it anymore. Cash app allows you to cancel payments that are pending only. You need to keep in mind that Cash app is not a bank but a wallet where you keep your cash.
In case you do not know, fraudsters are making use of some well-suited methods, to swindle Americans out of their Cash app balances.
As reported by the FTC
In 2019, total reported losses to these frauds reached $134 million. But reported losses reached record highs, climbing to nearly $117 million in just the first six months of 2020.
You are probably wondering,
what are the most widespread Cash App scams in question?
1. Cash app Flip
There is a general principle as far as 750 Cash App scam is concerned: If it appears to be too fantastic to be real, it most likely is. One prominent rip-off on social media guarantees to raise or “flip” your cash when you send them cash via Cash App.
They say if you transfer them $10 you will get $1000, they promise at worst they will be sending at least 3 times the initial amount you sent them. This rip-off is designed to make sure that you never obtain any kind of refund.
2. Portraying Cash app Customer Support
Cash App does not provide online consumer support. It urges customers to report any issues, consisting of fraud as well as scams, via the application rather. Despite that, a lot of Cash App clients have been deceived by scammers that impersonate Cash App employees via messages, phone calls, or social networks.
These burglars develop phony sites with fake Cash App Support contact numbers, which users believe are true when they show up on the search engine result page. As reported by the BBB a lot of Cash App users have actually been fooled out of hundreds of dollars by fraudsters who declared to be Cash App agents.
3. Selling Costly Items On Classified Sites
No matter what you are trying to buy on classified websites like, Craigslist or Recycler or OLX, or rent an apartment, never accept to pay through Cash app. Scammers understand that Cash App does not give users any buyers protection like Paypal. Therefore, they are more probably going to ask for payment first via Cash app. As soon as the naive customers settle the fees, the con artists will certainly vanish without handing over any items.
4. Counterfeit COVID-19 Schemes
The coronavirus pandemic has been an opportunity for hackers looking for a way to swindle Cash App customers out of their money.
There is a serious increase in Cash app fraud by 94% on Facebook and Instagram as reported by the FTC throughout the pandemic in 2020. Some scammers create fake relief schemes that ask for processing fees payments costs to receive advantages.
5. Fake Apartment Scams
Con artists will publish some apartments for rent. When you see them, you will be interested and call to book an appointment to tour them. They will now let you that there are not around and you will need to deposit through the Cash app if you really want it. Unfortunately, once you pay, you won’t see them again.
6. Pets Transaction Scam
Scammers will post ads that they have the best type of pets like purebred, French Bulldog, or Lowchen. They will set the pet price so low that you will want to pay for it. If you call them for further details, they will ask you to send a part of the pet price to keep the pet for you. In case you go ahead and pay them, they will vanish immediately.