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Cash App is super useful for a whole range of financial situations. But as with any super useful financial tool, scammers are always looking for opportunities to part you from your hard-earned cash.
And unfortunately, there are plenty of Cash App scams you should be aware of.
1Fake Cash App Giveaways
Fake giveaways have been around forever. But thanks to social media and texting, it has become easier for scammers to target people. In this case, the scammer pretends to be a representative fromCash Appand will claim you won a giveaway. To get your payout, you’ll be asked to send an initial payment. If you agree to their terms, the scammer will have you send them money, after which, they’ll promptly disappear.
So, how can you tell a real Cash App giveaway from a fake one? For one, a real giveaway will not require you to send any money or provide your personal details. You also won’t be required to act immediately. You should also check the source of the message. Any official Cash App giveaway will be posted on the business' verified social media accounts or the official website. It’s bestnot to trust giveaways posted on random social media accounts.
This scam is complicated by the fact that Cash App has run giveaways in the past, particularly its #CashAppFriday promotion. Scammers latch onto any official event to use for gain, especially anything involving a giveaway promotion!
2Accidental Payment Received Scam
If you ever receive a message from someone claiming they sent you money on Cash App accidentally and asking for it back, don’t be too quick to respond. The sender may be a scammer who used a stolen card to transfer the money.
If you receive a message of this sort, block the sender or their payment request. If you think it might be a legitimate mistake, contacting Cash App’s support team is best rather than trying to resolve it yourself. If you’ve determined the payment was sent to you accidentally, Cash App recommends refunding the payment to the seller as opposed to creating a new payment.
3Cash Flipping/Clearance Fee Scam
Cash flip scams involve scammers promising quick returns on a small investment, often using flashy photos on social media to prove their legitimacy or investment success. They know they’ll have to build trust to get you to send large sums of money, so they might even double your initial investment and transfer the gains to your Cash App account.
Scammers lure you into a false sense of security and make you believe they can double larger sums of money. Once they get you to send more money, they’ll disappear or ask you to send them a clearance fee to release the large payout. Of course, you won’t receive your payout or even your initial investment. If you’ve already senta scammer some money through Cash App, you can report their account via their Cash App profile, so they’re unable to scam more people.
4Fake Refund Scam
If you’re trying to sell something via social media or online platforms, you must watch out for scammers pretending to be legit customers and overpaying for what you’re trying to sell. They’ll contact you, explain the situation, and convince you to refund the excess.
Once you refund the difference, they’ll cancel their original payment, stealing your cash. To protect yourself, only deal with buyers locally and in person.
5Fake Security Alert Scam
Some scammers might pose as Cash App employees and send you aphishing emailclaiming your Cash App account is compromised. The email might ask you to send money to resolve the issue or include links to fake websites that require you to change your login credentials. The latter, however, will give the scammer access to your user ID and password, helping them steal actual money through your account.
The best way to prevent this is to not respond to emails or messages from people claiming to be employed at Cash App. If you think your Cash App account has been compromised, reach out to the support team via a verified channel to confirm if any data breach has occurred.
6Payment Claiming Scam
Another form of giveaway scam is the payment claiming scam. In this case, the scammer might use legitimate class action lawsuit settlements or insurance payouts to trick people into sending them some money to claim their payment.
They might even use scare tactics like threatening to block your paycheck or any other benefits you receive if you don’t send them the initial sum or give them your Cash App login details. But keep in mind that genuine settlements will almost never require you to pay a fee to claim the benefit.
7Charity Scams
Scammers can also exploit legitimate causes or pretend to be from actual non-profits or charities and request that you donate via Cash App. The scammer might even go the extra mile by setting up a fake website or social media account to convince unsuspecting users. These scams are hard to spot because people are usually not looking to verify the legitimacy of a charity before making a donation.
To protect yourself from this sort of scam, take a minute to look up the organization or the person claiming to be a non-profit. Check for verified accounts on social media and compare any links shared by the scammer with actual official websites.
8Instagram Cash App Scams
Instagram is one of the most popular social media platforms out there, so it’s not surprising that scammers are using the platform to target potential victims. Cybercriminals might use false promises of sending you money via Cash App to trick you into sharing your personal information.
They might have a verified account or thousands of followers to add to their legitimacy. Alternatively, a scammer could even be using a hacked account to send messages or post messages that appear to be from someone legitimate. But keep in mind that if something is too good to be true, it’s best to proceed with caution.
