Our interactions have changed drastically as we are closer than ever to becoming a cashless society. Nowadays, most people use peer-to-peer payment services such as the Cash App or Venmo. While it is a convenient way of sending and receiving payments, scammers have found new ways to trick users into handing out all of their sensitive information.
We are not talking about phishing attacks but something much more sophisticated than that. If you love using the Cash App or similar applications, stick with us till the end, and we will walk you through all the popular ways the hustlers use and the telltale signs of them.
At the end of the day, the efficient way to ensure our safety online is by being alert and cautious, and we should do everything in our power to stay on top of all the latest trends.
What is a Cash App Scam?
The Cash App scam is a hustle carried out by professional and seasoned criminals. They pretend to be working for the Support team of the Cash App and ask the users for sensitive information. Once they have all the data they need to log in to the platform, they quickly wipe out the entire account of the victims and flee with the loot.
Unfortunately, the Cash App doesn’t have a dedicated customer care number for personalized support, and the crooks use this loophole to their advantage. Basically, suppose you are contacted by anyone claiming to work for Cash App and ask for sensitive information such as bank account numbers or PIN digits. You must quickly report them to the appropriate officials and organizations in that case.
Is Cash App a Scam?
The Cash App is a convenient software that brings a lot of functionalities to the users. People can get started with the application in less than 5 minutes and use it for everyday transactions and investing in stocks or Bitcoin.
The fees charged by the app are very reasonable and at par with other competitors in the sector, such as Paypal and Venmo. Cash App is a fully licensed firm trusted by millions of users in the United States.
By itself, the Cash App is not a scam by any means. However, there are scams perpetrated around this service.
Giveaway and Other Types of Scams
The crooks usually make ridiculous offers to encourage people to share the cloaked links on social media platforms. For example, they might claim to provide free vouchers, lottery tickets, prizes, cashback points, or flat percentages on select transactions.
Once the victim and the people they have forwarded the message to have clicked the link, it will ask you to input all your sensitive information, and from there onwards, we all know how the story ends. In short, if you don’t remember signing up for something but still get an email or the offer is too good to be true, don’t bother to interact with the links and delete the message as soon as possible.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
How to stay safe while using Cash App?
The rules you need to follow to remain safe using Cash App are pretty simple. For starters, you should never share your login credentials with anyone. Do not entertain any kind of giveaway offers unless it is from a verified source.
More importantly, set up 2 2-factor authorization to ensure the highest security. Also, we have listed a few golden rules below. go through them, and we are sure you will be able to dodge most kinds of attacks or hustles.
Interact with Known Parties
This one is somewhat obvious. You should send and receive money from people you are familiar with, and before making the payment, always double-check the details thoroughly. If you send money to the wrong account by accident, the chances of getting it back are slim, and it certainly will be a herculean task.
Moreover, remember that every transaction on the Cash App is instantaneous, and if you make errors while making the payments, the platform will not be able to refund your money.
Sensitive Information
No regulated or licensed authorities or staff will ever ask you about sensitive information. Suppose anyone is making up an excuse to get your confidential details like the credit card number or social security number. In that case, you should immediately cut the interaction with them and report them.
Remember, the scammers will always have a good story lined up, but the damage will be severe if you make the mistake of trusting them. After all, their intention is to get access to your funds, and they will go to extreme lengths to achieve it.
Support Team
As we mentioned above, the Cash App, unfortunately, does not have a dedicated customer number yet. For an automated response, you can reach them via 855-351-2274. Alternatively, you can reach the official support team via their mobile application and web platform.
Complaints We Received
On September 29, 2023, one of our partners received the following complaint:
They promised to send me additional funds if I transferred $50 to them via Cash App. Unfortunately, after I sent the money, they did not fulfill their promise, and I received nothing in return.
On October 5, 2023, one of our partners received the following complaint:
I noticed several transactions on my Cash App, including Bitcoin and Cash App transactions. I contacted my bank, and my account was closed. A total of $2,360.00 was taken out of my account through Cash App. I’ve contacted Cash App, but I haven’t heard back yet.
On October 19, 2023, we received the following complaint:
Somebody logged into my Cash App account and used all my money, $750.
Complaints We Received in November 2023
I was scammed because I was instructed to enter a code texted to my phone into the ‘$’ area and send it to a friend on my Cash App list. Not realizing it, that was the amount they were taking from my account. I called Apple support, which turned out to be a fake site that I had just figured out. My call was to report an unrecognized charge from Apple on my bank app. They told me they would refund me and that I had about $54 from last year that they would also refund. They suggested that if I wanted my money back faster, I should use Cash App. I thought it was a legitimate site, and the person was genuinely helping me, but they weren’t. They just took my money, and now I’m trying to figure out how to get it back. That was the money for my mortgage, insurance, and bills. I want to dispute the $942 because I was instructed to type a code into Cash App for a friend, not realizing that this was the amount they were withdrawing from my account. Yes, I did that on Cash App, but I was unaware of what was happening.
Final Thoughts
The ways and means of exchanging money are digital, and the users need to adapt to the new era. Scams plague the e-wallet space, and it doesn’t look like the trend will end soon. So, always follow the guidelines set by the application you are using and be careful while dealing with any kind of offers or giveaways.
Note that we are not saying every giveaway is a scam, but undeniably, most are. In case if you have suffered damages from interacting with any entities, do not forget to file disputes with your credit/debit card company at the earliest, or alternatively, you can use the contact form below to learn more about the options you have at your disposal.
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