Cash App is a prolific P2P payment platform that millions of users are currently sending money back and forth on. However, it is also home to something called Cash App flip scams, which target users to steal money from them by claiming they can “flip” their money, or turn it into more in a very short amount of time.
Cash App itself is not a scam, but scammers have figured out ways to take advantage of the platform for their own gains. Keep reading to find out how you can avoid becoming the victim of a cash app money flip scam.
Cash App scammers typically start by making posts and comments on social media, especially Instagram, claiming that they made thousands of dollars by flipping money on Cash App. They claim it’s so easy that anyone can do it and that they’ll tell you how!
Scammers often post their comments on Cash App’s real instagram account when there are Cash App giveaways (which are real promotions the company uses to market itself). This gets them seen by a lot of people who are already looking for easy money and using the app.
Once you message a Cash App scammer to find out how you can “earn thousands of dollars” by flipping money on the app, they’ll start corresponding with you to make their offer appear even more legitimate.
As soon as the scammers think they have you hooked, they’ll ask you to send them a sum of money on Cash App, usually from $10-$1000, to prove how their “flipping” strategy works.
If they’re feeling lucky after the first payment, the scammers might give you more money back than you sent them originally to prove that “flipping” works and get you to trust them. Then, they’ll ask you for a second, larger payment.
Once the scammer has all the money they think they can get out of you, they stop responding to your messages, or “ghost” you. This means they are never planning on giving any of your money back!
You would never willingly hand over your bank account details or transfer money from your bank account to a stranger who claims they can magically flip it for you, right? So, be just as cautious when using Cash App as you would using your bank account.
The biggest red flag to watch out for on Cash App, and anywhere online, is a promise of a quick return on your investment in exchange for you doing nothing.
Also, be wary of any stranger claiming that they can make you money in exchange for an up-front payment, however small that payment may be.
There are lots of legitimate types of investments out there you can make, but almost all of them require you to invest substantial amounts of money and wait for some period of time before you actually see any significant return on your investment.
Has anyone ever come up to you on the street, asked you for $5, and handed you back $10 in return? Probably not, right?
This too-good-to-be-true scenario is just as unlikely to happen online, so don’t believe anyone who’s promising you huge returns out of the blue, and treat anyone you meet online with as much caution as you would someone you meet in real life.
Whenever you’re sending money via Cash App, even to someone you think you know, always double-check their usernames and phone numbers before you hit send.
One way to do this is by entering usernames and phone numbers into an open source intelligence tool online. These are databases of publicly available information that can show you if a username or number is associated with fraud.
Sometimes scammers pose as representatives of Cash App and post a support phone number to convince users that they are legitimate. Cash App does not have a support line, so this is another huge red flag to look out for.
If you ever do need to contact Cash App for support, you can do so via cash.app/help. Should you find yourself victim of a Cash App Flip Scam, contact PayBack the moneyback experts, to get a free consultation and help retrieve what’s rightfully yours.
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