The growth of the internet has allowed Peer-to-Peer (P2P) transaction apps for becoming the next big thing. With the click of a single button, you can receive and send money to your known ones and remove the dependency on hard cash. Linking of bank accounts, credit cards, and debit cards has become very easy with such platforms, and therefore every day witnesses a new growth in the downloads.
One of such apps is Cash App. But, in recent times, it has come under the scam radar. It is because several online scammers are developing tools for misleading or misusing the platform. Read on to find more about cash app scams.
The rampant ones
The following elucidates the rampant or most popular scams related to the platform:
- The first one is contacting the users in the name of the Cash App support team. Since the platform does not have a direct line for customer service, so the frauds use the reason to extract sensitive information from the receivers and siphon off hard-earned money. The major methodology includes downloading a screen share app that can offer them access to the contents of the phone, or ask the receivers to share PIN in the name of support.
- The next format is doing scams in the name of Give-Away Fridays. Every Friday, the official app provides free incentives to lucky users and allows a long-term relationship with their clients. However, the frauds have found their businesses out of these. They target the accounts that have shared about the giveaway event, and under the disguise of the Cash App platform ask them to share the sensitive information.
The ones who land into these scams find difficulty in tracing their money since the accounts to which these are sent get blocked after the transaction. And cash app scams have enhanced particularly during the times of COVID-19.
Ensuring the safety
With this, it becomes important for the users to maintain the required safety while using the app.
Kindly refer to the following points to do so:
- Read the rules and regulations of the platform properly before signing in, as they indicate of the otherwise scams.
- Only send the required amounts to the accounts verified by Cash App, or ones whom you know personally.
- Protect the sensitive information of the phone by giving security locks and never share those credentials with anyone.
- Understand that Cash App does not have its own and direct support line. Therefore, remain aloof of any calls claiming so.
Therefore, with your wits and awareness, you can easily avoid such frauds.