Table of Contents
What is CashApp?
Cash App is a payment app that helps an individual send, receive and invest money. It is a financial platform and not a bank.
How does Cash App work?
To use the Cash app it is necessary to download the app which is supposed to be linked to your bank account.
Who can use the Cash App?
Cash apps can be used by individuals above the age of 13. Users between the ages 13 and 17 can use features like P2P transactions, direct deposit, and Cash Card, with the approval of parents or guardians.
Features such as Bitcoin and investing can only be used by people above the age of 18.
Cash App scams to protect yourself from:
Lately, in today’s day and age, more and more people are leaning towards peer-to-peer payment services like the Cash App.
It is a very quick way to make financial exchanges. This app is trusted by many people as well. Even though it is a very convenient and trustworthy app, with the increase in popularity and convenience comes a lot of Cash app scams and frauds as well which makes it very important to be careful and safe from losing your wealth.
Cash app flipping:
Scammers here have a keen eye on the comment section during cash app giveaways with the goal of targeting the people there and convincing them they are Cash app flippers, and they can turn small sums of money into large amounts, once they get some money to flip, they disappear.
Fraudulent Payment Claims:
In this cash app fraud the scammer convinces a cash app user that they should get a payment, but to unlock that payment they will have to pay a small amount.
Cash app have always made it clear that they would never request the customers for funds.
It is also made clear that no kind of money would be claimed by sending cash to a cash app.
Pet sale scam:
Adding a pet to your family should always be a happy occasion, but few scammers pose as breeders and offer pets for lower cost, to lure you. Once you pay the money, they disappear and the pet also never comes to your home.
Cash App Fridays:
Scammers target real giveaways, to post about fraudulent giveaways with a similar theme. In this process, the fake campaign gets shared with others.
Scammers ask users to reply with or send them a personal message with their $cashtags to give them the gifts.
Investment scams:
Cash app allows the purchase of bitcoin in the app itself, because of this feature it has been noticed that cash app investment scams have been increasing.
Scammers send fake emails for investment opportunities, as investment managers, or as courses.
Once they get what they need, they disappear with the money.
Phishing scams:
In this kind of cash app scam, the scammer tries to contact the victim via email, sms, or social media, they send links to the victim which would take them to a very familiar website.
Whatever personal information they enter on the website gets recorded in the scammer’s system.
How to protect yourself from these cash app scams?
- When someone says they will help you increase your money in a cash app, it is probably a scam, do thorough research before accepting them.
- Remember that the cash app never asks for money from customers to unlock amounts.
- When course owners come to you offering services it is very important to do thorough research, instead of believing them just by what they say.
- Never get tempted if someone says he’s a breeder and will give you a pet for less money, they are going to run away with your money.
Pros and cons of the cash app:
Pros:
- They offer instant payments
- It is possible to send and receive payments for free within 1 to 3 business days.
- They offer a bill-split function.
- Free debit cards.
- Atm withdrawals are possible.
- Bill payments in the app.
- Buying and selling of cryptocurrency.
Cons:
- A 3% fee would be levied if you need a credit card.
- The cash app cannot be used internationally.
- Some markets still do not have the ability to get a cash app card or Bitcoin.
Is it possible to recover cash app scams?
It is not very easy to get your money back after the transfer but it surely is not impossible. There are some steps to follow to recover your money back from a cash app fraud.
- Contact cash app support:
The first and foremost thing to do is contact the support team of the cash app.
After which you will have to report your problem to the cash app.
2. Contact the bank or credit card company:
If your cash app is connected to your bank account it is very important to contact your bank account to report your scam.
It might be possible for them to reverse the transaction.
- It is very important to contact the cops in your area.
- You can file a complaint with the federal trade commission,
- There are a number of lawyers present in the market who deal with recovery issues, they will help you recover your money.
- Do your research, there are a number of genuine recovery firms that help clients to recover their lost money.
- It is a given that people who are a victim of such scams should be very careful next time.
Conclusion:
Cash app is a very great and amazing app that has a number of advantages to offer people, but the growing popularity of the app has brought in a lot of scams and frauds as well.
The frauds and scams are here to stay and are becoming more and more sophisticated as the day passes which makes it very important for the consumers to be more careful and educate themselves about money, scams, the app, and ways to recover their money if they are scammed.
It is equally important to be careful and do thorough research before making any decision.
Disclaimer: For more interesting articles visit Business Times.
