Ever get random Cash App payments sent to you without knowing why? Confused as to why somebody is selling an animal for cheap but only taking payment on Cash App? Chances are, it might be one of many common Cash App scams designed to steal your money and personal information and gain access to your bank account.
With about 44 million active users, the online banking service is immensely popular. But how do you know what’s real? Keep your financial information safe — here are five scams on Cash App to avoid.
Cash Flipping
One common scam involves a text or email stating that Cash App can turn an amount of money into even more money. This is not how the app works. It’s meant to send transfers between people that know each other. These people even make fake websites, so tread carefully. Flipping is always a scam.
Cash App Fridays Fraud
Every Friday, #CashAppFridays, a social event sponsored by the app, encourages users to post on Twitter and Instagram in hopes of winning some money. Scammers have often impersonated the Cash App team, telling people that in order to verify their account and receive the winnings, they need to send over some money. Don’t fall for it.
Fake Investments
Cash App will never recommend investment opportunities to you. If you get a text from an unknown phone number claiming to be Cash App, block it.
Fraudulent Rental Scams
Occasionally, you’ll see a rental property on Airbnb or Vrbo that seems shockingly cheap. After booking, the “host” will follow up asking for another Cash App deposit. You know the drill: Block the number and move on.
Gift Card Scams
A common scam involves prepaid gift cards. Scammers will ask you to buy one and share the card information to verify the purchase, but they end up taking it for themselves. This feels like an obvious one, but don’t buy things for people behind unknown numbers that you’ve never met.
More Tips to Avoid Scams
Here are some general rules to keep in mind:
If you’re speaking to customer service, make sure it’s customer service. All official Cash App correspondence should come from verified social media accounts.
Don’t give anybody you don’t know access to your Cash App account or your Cash App PIN.
Do not give your bank account information to anybody claiming to represent Cash App over the phone or through text. That goes for your debit card and your credit card as well.
Never tell anybody your social security number on social media.
If it seems shady, it probably is. Trust your gut.
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