How cash payment app scams are swindling money

The Cash app has become a popular app for transferring money, similar to Venmo and Zelle. Since it was created almost ten years ago, it has been an easy way for many people to transfer money quickly. However, the Better Business Bureau is now warning against the app as many people who have used it have had serious problems.

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What does the Cash app let you do?

The Cash app lets you send and receive money, stocks, and Bitcoin. Many are attracted by the fact that the Cash app is free to download and use. However, there are fees for certain features. For example, there is a fee for an instant deposit and a fee for using a credit card. There are also fees for buying and selling Bitcoin through the app.

The Cash app has become a popular app for transferring money, similar to Venmo and Zelle.  Since it was created almost ten years ago, it has been an easy way for many people to transfer money quickly.

The Cash app has become a popular app for transferring money, similar to Venmo and Zelle. Since it was created almost ten years ago, it has been an easy way for many people to transfer money quickly.
(cyberguy.com)

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The Cash app also allows you to keep a balance in your account. If you don’t have any money in your Cash App account balance, you can choose from the following options:

  • Link to one of your existing bank accounts
  • Deposit money into your account through participating retailers
  • Set up a direct deposit with your bank account and routing numbers
  • Because of the ease and instant gratification, many people have opted to use the Cash app instead of other money transfer apps. However, many are learning the hard way that it may not be worth it.

What problems have happened with the Cash app?

Cash App has nearly 1,000 complaints through its Better Business Bureau Profile. Most of the complaints are related to the lack of help from the Cash app when its users experience fraud on their accounts. Although Cash App claims on its website that it has “fraud detection and encryption technology” and FDIC coverage of up to $250,000 in fraud cases, user complaints say otherwise.

Woman looking at an iPhone

Woman looking at an iPhone
(cyberguy.com)

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Thousands of people are said to have received money from their Cash app balances and can’t seem to get the Cash app to help them refund their money. Many have received no response from the app when they ask for help, or the app will completely deny people’s claims of fraud.

Some even say that the Cash app has claimed to have no record of their accounts, or that it promises to return people’s money within a certain time frame and then never does.

Some common Cash app scams include:

  • Scammers impersonating celebrities or public figures on social media and asking for payment via the Cash app
  • Someone posing as a representative of the Cash app and asking for personal information or payment. The Cash app will never ask you for your password or PIN
  • Phishing attempts, such as text messages or emails, appear to be from the Cash app but contain links to fake websites.
  • Offers of free money or gift cards in exchange for personal information or payment

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How to protect yourself from fraud in money transfer apps

To avoid falling victim to a Cash app scam, follow these guidelines to minimize your risk:

  • Try not to keep a balance on your money transfer apps: You’re much more likely to get help from your bank or credit card company when it comes to fraud than from a money transfer app.
  • Never send money or give out your credentials to anyone you don’t know, including anyone claiming to be from a government agency or banking company.
  • Always confirm recipient information before sending them money and always verify the identity of the person you are sending money to.
  • Never click on links from unknown sources, especially when an email or text appears to come from the Cash app. Protect yourself from accidentally clicking on malicious links by running antivirus software on your device. Check out my expert review of the best antivirus protection for your Windows, Mac, Android, and iOS devices by searching “Best Antivirus” on CyberGuy.com by heading to my site at CyberGuy.com/LockUpYourTech.
  • Look at the security settings offered by the Cash app and make sure they are all set to the highest and most protective settings.

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Turn on notificationsso that you are notified whenever activity occurs in your application.

There are also two things to keep in mind: be wary of any offer that sounds too good to be true, and read reviews and ratings before downloading any money transfer app to see if it’s a good choice.

Man typing on laptop

Man typing on laptop
(Fox News)

Was it helpful? We’d love to hear about your experience with the Cash app or any other money transfer app.

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