Avoid Cash App Scams
Cash App has become a popular money transfer app similar to Venmo and Zelle, Kurt “The CyberGuy” Knutsson reports.
Cash App has become a popular money transfer app, similar to Venmo and Zelle. Since its creation nearly a decade ago, it has been an easy way for many people to transfer money quickly. However, the Better Business Bureau is now warning against using the app, as many people who use it are experiencing serious problems.
What does Cash App let you do?
Cash App allows you to send and receive money, stocks and bitcoins. Many people are attracted by the fact that Cash App is free to download and use. However, some features require payment. For example, there is a fee for instant deposits and a fee for using a credit card. There are also fees for buying and selling Bitcoin through the app.
Cash App has become a popular money transfer app, similar to Venmo and Zelle.Since its creation nearly a decade ago, it has been an easy way for many to transfer money quickly
(Cyberguy.com)
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Cash App also allows you to maintain a balance in your account. If you don’t have any funds in your Cash App account balance, you have the following options:
- Link to one of your existing bank accounts
- Deposit money into your account through participating retailers
- Set up direct deposit using your bank account and routing number
- Many people choose to use Cash App over other money transfer apps because of the convenience and instant gratification. However, many are learning the hard way that it may not be worth it.
What’s wrong with Cash App?
Cash App Has Received Nearly 1,000 Complaints About the Better Business Bureau. Most of the complaints relate to Cash App’s lack of assistance when users experience account fraud. While Cash App claims on its website to have “encryption and fraud detection technology” and that the FDIC provides up to $250,000 in insurance in cases of fraud, user complaints say otherwise.
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(Cyberguy.com)
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Thousands of people are said to have withdrawn money from their Cash App balances, and it doesn’t appear that Cash App can help with refunds. Many people who asked for help either didn’t hear back from the app at all, or the app would deny people’s fraud allegations outright.
Some even said that Cash App claimed to have no record of their accounts at all, or that it promised to refund people’s money within a certain number of days, but didn’t.
Some common Cash App scams include:
- Scammers impersonate celebrities or public figures on social media and demand payment through Cash App
- Someone is impersonating a Cash App representative asking for personal information or payment. Cash App will never ask for your password or PIN
- Phishing attempts, such as text messages or emails that appear to be from Cash App but contain links to fake websites.
- Offer 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 balance this in your money transfer app: When it comes to fraud, you’re more likely to get help from your bank or credit card company than through a money transfer app.
- Never send money or provide your credentials Ask anyone you don’t know, including anyone claiming to be from a government agency or banking company.
- Always confirm the recipient’s information Always verify the identity of the person you are sending money to before sending them money.
- Never click on links from unknown sources, Especially when the email or text appears to be from Cash App. Prevent accidental clicks on malicious links by running antivirus software on your device. Check out my expert reviews of the best antivirus protection for Windows, Mac, Android and iOS devices by going to my website CyberGuy.com/LockUpYourTech and searching CyberGuy.com for “best antivirus”.
- View security settings Cash App offers, and make sure they are all set to their highest and most protective settings.
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open notificationThis way you will be alerted whenever there is activity in your application.
Also keep two things in mind: be wary of any offers that are too good to be true, and read reviews and ratings before downloading any money transfer app to see if it’s a good choice.
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(Fox News)
Does this help? We’d love to hear about your experience with Cash App or any other money transfer app.
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