For the UK and the US, Cash App has been an invaluable service to millions. In a post-Covid world where millions of people have been living in a cashless environment, Cash App has thrived. With this rise in use, however, comes the equal prevalence of Cash App scams. Here’s how to recognize a scam and what you can do to avoid them.
Cash App – and any cash transferring app for that matter – all suffer from the same security vulnerabilities. While you can be protected with the finest and most up-to-date cybersecurity software available, it won’t stop you from falling for a well-crafted trick. How secure is Cash App anyway? While the app uses “cutting edge encryption” to keep your cash safe, it doesn’t give much else. Cash App doesn’t offer any kind of fraud protection either when it comes to false purchases.
Don’t worry, we’ll show you how to spot a scam so you can hopefully avoid some obvious pitfalls. Scammers rely on socially engineered methods to trick you into thinking a bogus service or website is legitimate. Once you’ve fallen for their ruse, the criminal will abscond with your credentials and block you across all communication platforms.
In general, when it comes to scams, a few telltale signs immediately reveal when something is a scam. Here are signs of a potential scam:
Here are some of the most common Cash App scams that you might encounter online.
Since 2018, Cash App has allowed Bitcoin to be bought and sold on the app. While the move to include Bitcoin helps Cash App stay relevant in the online financial space, it also opens the door for scammers. Cash App Bitcoin scams could range from asking for capital on a large amount of Bitcoin with the promise of a sizable return or someone offering to enhance your current Bitcoin value. You need to be aware that you might not see your cryptocurrency return.
The global pandemic kickstarted a wave of new scams. With much of the world still in the throes of the virus, hackers with insidious methods have tried to take advantage of the panic. Anything Covid related can be weaponized as a scam — it could be something as simple as an offer of cash for getting vaccinated or asking for cash for an “experimental” new cure. The moment you’re asked to share payment or account information, you know it’s a scam.
In what would seem to be an obvious scam front the outside looking in, cash flipping is a lot more insidious in nature. These kinds of scams always target those who are desperate for cash, using socially engineered tactics to entice people into risking a few bucks for the chance of a large return. Cash App flip scams will ask for you to send anywhere between $100-$1,000 and offer back double or triple the amount. Scammers try to convince victims by showcasing all the other users that are also in on the scheme.
Every Friday, Cash App has a giveaway in which users can win cash prizes. Hackers quickly took advantage of this opportunity to create their own fake #CashAppFriday scams. Some scammers even go as far as to create fake raffles. For a chance to win, all users need to do is send the organizers a small cash sum or their credentials.
When it comes to online security, knowledge is power. If you recognize all the call signs of a scam, then you’ll know exactly how to avoid them. When it comes to making an expensive purchase, it’s best to verify the item is real. Don’t immediately send funds over, always think twice and do your research before committing to a money transfer. Remember, there’s no fraud protection for you on Cash App. It’s up to you to stay on your toes and not fall for scammers’ tricks.
Due to how prevalent Cash App has become, don’t be surprised to encounter scams across different platforms. Cash app scams on Facebook and Instagram are a common sight. Since 2020, Cash App has been approved for usage for 13- to 18-year-olds. Younger users who spend hours on social media may be bombarded with Cash App scams — make sure younger users in your household are aware of the risks.
If you ever fall victim to a scam, make sure you record every detail of the criminal and report them to Cash App customer service, Cash Support. While you might not get your money back, at least you can potentially stop future scams.
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