Undoubtedly, Cash App, a peer-to-peer mobile payment app that has stormed the world of digital payments in recent years. It is the safest and convenient way to send or receive money with friends and family, making it easier to use for online transactions.
Unfortunately, the app becomes vulnerable to several scammers. They are also active on it to steal users’ data and commit unintentional transactions of thousands of dollars. Several cash app scams like cash flipping, accidental payments, and phishing messages have been reported in recent years, raising big concerns for users.
Therefore, knowing the types of cash app scams is very crucial to keep you safe from attackers. In this blog post, we will make you well aware of the fraudsters, to help you stay safe from scammers.
Common Cash App Scams and How to Avoid it
Cash App Phishing Scams:
Today, phishing scams have become very common on the world of internet. When scammers pose as a legitimate person, organization, or website and send you an email requesting you to verify your login credentials for your digital payments app, Cash App. Once you have clicked on the link given on your mail, they will steal your details and can use to make you bankrupt.
Apart from an email, most scammers send you a message or make a phone call to extract your sensitive information.
It usually occurs when fraudsters work as a trustworthy person or organization, claiming to help you out with issues that have not yet happened. But be aware of such scams.
How to Avoid it: In phishing scams, it is hard to distinguish fact from fiction. Still, check whether any red flags on their contact information. Check the email address and if any mistakes there. Does the site have an authentic domain?
However, [email protected], or other such protection apps, get alarm bells ringing.
Cash App Flipping Scams
Another common cash app scam is cash flipping, in which fraudsters promise to double or triple your money if you send them funds in the form of fees. The scammer claims to be an expert financial investor and asks you to invest funds in a successful project. When you send money to them, they will accept the money and never return anything to you.
How to avoid them: To be saved from it, avoid sending money to any strangers claiming to double or triple the money. Must check and verify the person before sending money to them. Scammers might get access to your account and use it for any unethical purposes. Be aware before sharing money or any confidential information with others. Sometimes those whom you treat as your friend might be a scammer.
Accidental Payments:
Sometimes you may receive a fake payment slip that scammers who claim that money is accidentally sent to you. They will then ask you to return their money, while the money you return to them will come from your account and you will lose your money.
How to Avoid Them: Be aware when you receive any Cash app notification of getting money transferred by any unfamiliar account into your account. It might be among big cashapp scams.
How To Report a Fraudulent Transaction:
In case you have noticed a suspicious cash app transaction, you can report it immediately. Here is how.
Go to the profile icon on the Cash App home page..
Click on “Support.”
Now click on “Report a Payment Issue.”
Pick the “scam payment” that looks suspicious.
Follow the prompts appear on your screen.
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