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You are here: Home / *BLOG / Around the Web / Money-Transfer Apps – What Are the Common Scams and How to Avoid Them?

Money-Transfer Apps – What Are the Common Scams and How to Avoid Them?

November 19, 2021 By GISuser

Security of contactless payment apps is a question for many as there is a rise in the use of Cash App by fraudsters to steal people’s money.

The popularity of the Cash App for money transfers saw a spike during the pandemic as people stopped using cash. Scams also saw a new rise during this period. Although fraudsters are convincing in their act, they share common traits which help them easily identifiable.

This article highlights the risk of using Cash App and how to tackle the common scams. It is ideal to be aware of spotting scam techniques to protect your information and identity from fraudsters.

Safety Features

One of the most convenient and safe ways to transfer money to your family or business can happen through Cash App. It is not inherently more or less legitimate vis-a-vis its peers.

There are various security features that the Cash App offers that are absent in most money transfer applications. It can include but are not limited to:

  • An AI-driven function that tracks potential scams and flags them
  • Reporting unusual activity to the customer like unusual login attempt
  • A prompt checker for money transfer to people outside their contact list

Thus, all these make Cash App a great alternative to pursuing your cashless transactions. You should not deem the application as erroneous and be careful by not choosing your credit card as a payment method.

The Risks of Usage

Although there are precautionary measures in place, the users’ interaction with the system helps make a difference in their experience. Scammers often cheat the users by finding out about who stores money on Cash App like a bank. They target those users who do not have a problem transferring money to strangers.

In the case of a traditional credit card or debit card, all your transactions get additional security in scenarios of theft or fraud. However, any transfer made through Cash App has no protection by such riders. Once the transfer takes place, it is not possible to get back the money as Cash App treats it like cash.

It is always advisable to be more vigilant and be aware of the ways to spot prevalent scams before the scammers take your money. Another aspect worth mentioning is that other contactless payment applications also have a similar vulnerability to scams.

Impersonification 

There is no live customer support by Cash App that offers users a platform to report any issues. However, many of the users on the platform got fooled by this camel who impersonated Cash App employees. They reached the users through social media direct messages, texts, or phone calls.

In most cases, a phony website with fake support numbers, which victims believe to be real, is in place. They get confused as the numbers appear on Google search, making them trust the information and assume they store them securely. Better business bureau data such as scammers have wiped off a considerable chunk of money from the Cash App customers by impersonating the employees.

Fake Offers

Cash app offers contests every Friday where the users can win big cash prizes. Although this is an official event, there are dozens of fake Friday events on social networking sites like Facebook or Instagram.

The scammers are so meticulous in their acts that they even used the official promotional hashtag of Cash App, i.e. #CashAppFriday. Various fraudulent messages are created for users to share their login credentials or transfer a few dollars via the app. Users often fall prey to such activities and send money or information but never get back anything.

If someone is willing to participate in any such activities, they should ensure to check the authenticity of the site from which they are entering a particular contest. Say whether it comes from the verified Cash App Twitter account, which has a blue tick beside the username or not. 

Way Forward if Scammed

Many people often fall prey to Cash App scams. They are found asking “I got scammed on the cash app. What do I do?” Under such circumstances, it is crucial to:

  • Report the incident to Cash App Support immediately. 
  • Cut off your contact with the scammer completely if you understand you have become a victim of a scam. 
  • Seek legal counsel from the various services in the market that help people to put up a case against such fraudsters after collating all the information.

It is always ideal to pursue these cases with experts’ help due to the vast experience that they bring to the table.

So as you can see, being cautious is vital to avoid any scams. However, it is also true that various techniques like cash flipping, phony pandemic programs, and selling expensive items through cash by scammers can affect you. You should invest in a secure phone to prevent security problems in the days ahead.

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Filed Under: Around the Web, technology, Tips Tagged With: app, mobile, Security






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