Cash Apps enable easy payment with the help of a mobile device to send money directly from one peer to another peer. These cash apps also usually provide an optional visa debit card for the users to use their funds that are in the cash app account and also make it easier for them to withdraw the amount from the ATM. Such digital payment platforms make it very convenient for the users to carry out financial transactions online and it is no secret that this convenience does come at the cost of being more exposed to scams.
Do Cash Scams exist?
Unfortunately, Yes Cash App scams are very common in present day and EzChargeback
will help you understand how these scams work. These Cash App scams have increased significantly over the years as Cash Apps have grown in popularity and with time the scammers seem to have gotten even more convincing and sneaky in their tactics to scam you. This leaves your information, your money and most importantly You at risk so it is important to know how these scams work to protect your personal and financial information.
Common Cash App Scams
Cash Flipping
Like any other scam, Cash App scams are also seem too good to be true which is always the case as they really are too good to be true and often just a tactic to loot you. In Cash Flipping, you would often be promised that if you send the scammer a certain amount of money they will send you back double or triple the amount of that money but the rule Is that you need to send them the amount first via the cash app. It is important that you protect yourself from such scams and you can do that by ensuring that you do not send in money to random strangers so that the transactions stay between you and the trusted party to whom you sent the money.
Impersonating customer support
Cash App does not offer live customer support and encourages users to report any issues, including fraud and scams, through the app instead. From what EzChargeback has helped us understand and also according to the Better Business Bureau, Cash App customers across the country have been conned out of thousands of dollars by scammers who claimed to be a Cash App representative. When you call customer support, beware of anyone who asks for personal information like your Cash App PIN or sign-in code.
Falsely Advertised #CashAppFriday offers
Every Friday, Cash App holds an official sweepstakes where customers are able to win cash prizes. However, there are also dozens of fake Cash App Friday events on social media platforms such as Instagram, Facebook, and many more which are using the official #CashAppFriday promotional hashtag. These scammers will create fraudulent raffles and message the users to ask them to transfer a small amount of their funds via Cash App or ask them to share their login credentials for a chance to win. As most users are now aware of this kind of scam, there is a chance that very few people would fall for this however there can be some users who may send the money and their login credentials, but as it is indeed a scam they would never win anything in return.
Selling expensive items through Cash App
One of the most import things that EZChargeback makes us aware of is that you should never agree to pay for expensive things via Cash App as these scammers are well aware of that Cash App doesn’t provide buyer protection, which is why they are more likely to ask their victims to pay for fake items through the app. Once the users have fallen prey to their traps and pay the fees, the scammers would end up disappearing without handing over the items. This is also why Cash App recommends that the users do not send a payment to someone you don’t know and without verifying the item’s legitimacy. The Cash App team will investigate your claim, but there is no guarantee you will get your money back.
Things you can do if you have fallen for a Cash App Scam
In case you think you have already taken part in one of these cash app scams it is important for you to immediately report the incident to the Cash App support without any delay and to ensure that you cut off any kind of contact with the scammers. Also in case you have lost money in such a scam you need to report it to FTC also known as Federal Trade Commision and also the Internet Crime Complaint Center. Furthermore it would be smart of you to change all your passwords to ensure that nobody but you can access your personal and financial information.
