Cash App is a great way to send and receive money, but it’s also a source of scams. Scammers will try to steal your money by pretending to be from Cash App or promising you free money if you send them cash—and there are plenty of ways they can do this.
In this blog post, we’ve compiled five common Cash App scams you need to know about. So, stay tuned as we kick things off!
5 different types of Cash App scams
There are a few different types of Cash App scams. Let’s have a look at them below;
1. Phishing scams
These occur when someone tries to trick you into giving them your information by pretending they’re from the company you’re applying with. In this fraudulent scheme, Cash App scammers will attempt to use the Cash App logo and a similar-looking email address to try and deceive you into “verifying” your Cash App account details and password. They may also attempt to persuade you to click on a link that will send you to a phishing site that will steal your information.
2. Fake Cash App customer support scam
Tech support scams are among the most common tactics that fraudsters use to scam Cash App users. In this fraudulent scheme, fraudsters pretend to be Cash App customer service representatives and reach out to you about your account balance or security issues.
They’ll often contact you on social media after you post about an issue with Cash App. In other cases, they might call, send text messages, email you, or set up fake websites displaying phone numbers to call for support.
3. Cash “flipping” scams
Scammers that offer to “flip” your money with the promise of guaranteed better returns are referred to as cash flippers. In this situation, scammers use social media sites (such as Facebook or Instagram) to reach out to Cash App users and advertise get-rich-quick scams. They’ll often start small, promising to turn $200 into $1,000, and then offer a “money-back guarantee” if you’re not satisfied. Likewise, they may occasionally flip a small amount to win your trust before attempting to defraud you of larger sums.
4. Payment Claiming Scam
Scammers will sometimes persuade you to give money to them in order to “claim” a payout that you “deserve.” These payment-claim attempts are invariably fraudulent. Never send money to another individual with the expectation of receiving a higher amount in return. As with Cash Flipping, if someone promises you free money in exchange for sending them money, it is most certainly a fraud.
5. Fake security alerts scam
Scammers capitalize on your fear to obtain your login information and passwords. In this scam, scammers email you a bogus security warning saying that your Cash App account has been compromised as a result of a data breach. They’ll include a link to a webpage where you can modify your Cash App login information. They will, however, use any account information you supply with them to empty your account..
Conclusion
Cash App scams can be a very serious problem and they’re growing in popularity. We hope this article has helped you to be more aware of the different Cash App scams that are out there. Remember that no matter what type of scam you encounter, try to always report it!
