Sadly, scams are everywhere these days. These scammers can call you, text message you (I guess they’ve found a way to infiltrate payment apps), and even post on Instagram. What is so odd about the advice we get about preventing them though? Fraudsters will still find a way and it doesn’t matter how much security or encryption there is in place. With all that being said, there are a lot of ways for you to protect yourself from getting tricked by scams on CashApp. It’s one of the most common apps that are susceptible to fraud from scammers.
The Federal Trade Commission‘s statistics prove it: complaints of Cash App fraud have increased by 472% since 2020. The reason why this rise in fraud is occurring, sadly, is because people are more vulnerable than ever and others will take advantage of that vulnerability. These most common Cash App scams will show you how to avoid getting ganked out of your money.
The Most Common CashApp Scams
Selling Too-Good-to-be-True Items
Scammers are using Cash App to sell expensive products like concert tickets, apartments, and even dogs. If someone promises you some type of good in exchange for payment on the app first before showing it to you, abort this mission immediately. Scamming has become a trend since there is no buyer protection included on the app – something that scam artists know very well.
When we imagine flipping, we’re often imagining buying a home for super-cheap and then fixing it up before selling it for more. The same thing happens to Cash App scammers (as in these scams happen to you, too). A scammer might ask you to send money in return for a larger sum. So when someone tells you that if they give $10, they’ll turn it into $50. This is absolutely not true. If anyone asks you to do something like pay them first or transfer funds their way before getting anything back, stay away from the “offer” because there’s probably nothing else but trouble coming your way.
To Claim Your Money, You Must Pay First?
Scammers use these types of scams to convince users that they have a payment or some kind of money waiting for them, and in order to collect it, the user has to send in a small amount.
This is a big red flag. It’s unfortunate that you won money or are owed money and yet, before claiming it (and benefiting from it) they ask for your deposit first? That’s not going to happen. Additionally, though this might seem like an obvious thing we need to be wary of it on a daily basis as plenty of people fall for these scams.
Someone may mention that they’re “interested” in the item you’re selling and then provide payment via CashApp, but they never receive any money. The scammer pressures you into believing that he sent the money twice, so you end up giving him your hard-earned cash instead of getting duped by a scammer who never actually paid for anything in the first place.
It’s especially awful that anyone would even think to take advantage of the current global health crisis, but alas, here we are. Some scammers will actually message you with a grant or relief program in the wake of COVID-19. Maybe it’s in the form of a COVID-19 lottery or some type of coronavirus relief-related giveaway, ie.” Hey! You’re vaccinated! Congratulations! You’ve won $$$”.
It may sound a little too good to be true, but the second you’re asked for any kind of financial information, know that it’s a scam. If you’re asked to give your money or bank account info, there’s no way this is legit-it will only result in another type of fraud.
Unfortunately, with Cash App you don’t have any buyer protection included. That means it can be pretty tough to dispute an unwarranted charge. Still, there are ways to go about it. If you suspect that you have been the victim of a Cash App scam, select the transaction by hitting the ellipses button (”…”). Next hit “Need Help and Cash App Support,” then click “Dispute This Transaction.”
This notification will launch an investigation into the transaction. However, there are slim chances that you’ll be refunded if your purchase is disputed. Remember, the app itself doesn’t provide buyer protection so there’s no guarantee you’ll receive a refund even if you dispute it with the claim. Still, this could be worthwhile to open an investigation in case someone else falls victim to scammers and get themselves scammed as well.