Romance scams resulted in losses of almost US$1 billion for victims last year, according to the FBI. Scammers take advantage of this surging demand by reposting previously advertised apartments and homes, and requesting ‘deposits’ and ‘application fees’ via Cash App. In many cities across Europe and the US, rental property is in short supply. Such accounts could be used to launder funds from other scams. They’ll request the recipient registers an app and scans a QR code to activate it. Scammers might use previously breached personal information to sign-up for one in a victim’s name, and have it sent to their home. Debit card scamsĬash App also offers a debit card option for users. A spoofed receipt screenshot adds legitimacy to the request. Scammers claim that they’ve sent money to a victim’s Cash App account by accident and ask them to return the amount. The aim, as in the fake support scams, is to get hold of information in order to hijack victims’ accounts. Phishing messages and vishing callsįraudsters also leverage the Cash App brand in classic email/SMS/phone-based social engineering efforts designed to trick victims into handing over their personal details. In other examples, scammers may target online sellers, by sending fake payment notification screenshots and claiming the balance will only show up in the seller’s Cash App account after delivery. But unlike using a credit or debit card, there’s no buyer protection for the victim. They might ask for a deposit, or even the whole amount, to be sent via Cash App. ![]() Often, fraudsters try to sell non-existent items online – anything from a pure-breed puppy to tickets for a sold-out show. When a user clicks through and rings up with a genuine complaint/request, they’re asked for log-in info, enabling the fraudster to hijack and clear out their accounts. Scammers may set up fake support accounts on social media or use SEO poisoning to get fake websites featuring phony “Cash App support” phone numbers at the top of search results. As most such offers are, this “cash flipping” deal is too good to be true. Users are contacted saying that if they send a specific amount of money, they will be sent back more than the original amount. The Cash App Friday/$Cashtag scam is sometimes a premise for another increasingly common type of fraud leveraging the service. They’ll contact a participant via social media, tell them they’ve won and then request a fee in order to release the funds. The weekly cash giveaway event on the platform’s Instagram and Twitter accounts has, predictably, been hijacked by fraudsters. Understanding exactly what these scams might look like is the first step towards staying safe. In short, if you’re tricked into sending a fraudster money, that cash is most likely gone, never to return. Although it includes multiple features including PIN and biometric authentication, account usage alerts and a certain amount of protection from unauthorized charges, it can’t insulate you from fraud. The rise of Cash AppĬash App is used by tens of millions of people each month, especially because among other things, the app allows users to send and receive money instantly. And mobile payment apps like Cash App, Zelle or Venmo that allow users to send each other money are right at the top of their priority list. Over the years, these devices have become an extension of ourselves, slowly replacing our cameras, our PCs and now our wallets.īut the popularity of the apps we use every day has made them an attractive target for fraudsters. And at the heart of the digital experiences that make our lives easier sits the smartphone. ![]() For today’s consumers, convenience is king.
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