WHAT ARE COMMON VENMO OR PAYMENT APP SCAMS?
Here are some scams to be on the lookout for to protect you and your wallet.
Counterfeit #CashAppFriday Promotions
This scam takes advantage of the legitimate sweepstakes Cash App runs every Friday. Participants can win cash during these opportunities. However, scammers take to other social media platforms to run predatory Cash App Friday promotions. They’ll ask unsuspecting users to send a couple of bucks or their login info to enter a raffle with a big cash prize. Of course, the entire offer is fake, and people simply lose their money.
Occasionally, Cash App users will receive requests from thieves posing as entrepreneurs who can easily double or triple their money. Scammers ask for anywhere from a few to several hundred dollars, promising to ‘flip’ the cash through their profitable business and return the investment in a few days, along with the returns. Usually, the users never hear from the scammer again once they transfer the money.
Posing as Cash App Customer Support
Cash App customer support occurs through the app itself, where you can submit fraud claims. Unfortunately, scammers have created dozens of fake websites and phone numbers purporting to offer help to Cash App users. They will usually ask for login information or instruct you to download a remote access app, in order to steal from your account.
Offering Rare Items and Deals Through Cash App
Scammers offer sought-after commodities, such as purebred pets or a rental in a popular area. They lure users in the market who are searching for specific items with rock-bottom prices. People drawn in by deals that are too good to be true eagerly send the scammer money but don’t receive anything in return. Although you can report such scams through Cash App, you might not receive reimbursement. Confirming an offer is real before transferring money is recommended. Unfortunately, this is challenging to do since Cash App generally relies on the honor system among users.
Tap the Link Scam
Fraudsters will ask users to tap links to download specific apps or watch short videos for a cash reward. However, instead of the $10 or $50, you don’t receive anything—but the scammer does. The links they promote are often harmless, but they earn the scammer an affiliate reward. If they score hundreds of clicks, they can walk away with thousands of dollars, while the Cash App users lose their money and their time.
HOW DO I AVOID CASH APP SCAMS?
Safeguard Your Information
Never reveal personally identifiable information on the Internet, social media, or through your phone. Once your personal information is out there, scammers will quickly snap it up.
Only Deal with People You Know
Conducting transactions with people you’ve never met, especially over rare or exotic items, dramatically increases your chances of being scammed. Likewise, using direct messaging to communicate with people you don’t know regarding promotions or deals is also dangerous.
Don’t Pay Something for Nothing
Scammers will often promise a reward in the future or require a test transaction before they can give you the prize you have purportedly won. This communication is an attempt to separate you from your hard-earned money.
Only Conduct Customer Support Claims Through the App
Keep your customer service communications within the official Cash App and its website. Thieves posing as Cash App customer service representatives will request your login credentials over phone calls, texts, emails, and fake websites. Cash App won’t ask for such information and doesn’t offer customer service outside of its app or website.
Double-Check the Recipient
Before you send money to anyone over Cash App, examine the person’s profile and ensure it’s the right person. If the profile isn’t of someone you know and trust, you can’t be sure that your money is going to the right person.