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Cash App Fraud: The Threat and What You Can Do

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What is cash app fraud? Cash App Fraud occurs when a person uses someone else’s account information to send or receive funds. It may also include the use of a stolen credit card and using it to purchase Bitcoin which is then sent to their own cash app wallet. The most common form of Cash App Fraud happens when an individual downloads the Cash App, verifies their email address with their phone number but doesn’t input any other personal information. This leaves them vulnerable as they can be bombarded with spam messages from scammers posing as Cash App representatives who are requesting additional verification information in order for them to “verify” your account (i.e., your name, date-of-birth).

How does Cash App work?

Users download the Cash App for either iOS or Android devices. They sign up using their email address and phone number to create a Cash App account that is verified by a six-character password, PIN code, and touch ID on iPhones. Once this is done, they can then use cash app’s services: Send funds to anyone with an email; request money from friends via text message or through social media posts (Facebook Messenger).

 

Some of the benefits of using cash app are that it is free to use. There are no fees for sending money or converting from cash to digital currency within the Cash App account as long as it’s under $20,000 and not connected with a bank transfer. Cash app allows you access your funds anytime – even without an internet connection!

 

The downsides to cash app are that you have to pay a fee for transferring money from your Cash App account to a bank account. You also have to find someone with cash app who will buy bitcoin in order to purchase items that are not available on the mobile marketplaces.

 

Cash app is linked directly, and has access, with Square’s credit card processing system which helps make it easier for customers without traditional bank accounts or checks. This leads into some of the risks: passwords can be used by hackers if they “guessed” or were given them; there is no protection against fraud – whether via email scams (phishing)or stolen credentials because all information including username/email address/pin code/touch ID is stored remotely.

Can you be scammed on Cash App?

Scammers can easily pose as Cash App employees or users and contact you to request your personal information

 

What can I do to protect myself?

Don’t give out sensitive information on the app if they ask for it; verify that a message is from an official Cash App account by checking the blue checkmark next to their name.

Fraudsters pretend to be Cash App and they say they need your password or PIN so they can steal your money. Some scam artists will outright ask for personal information and others work up to it; this is how fraudsters get themselves authorized to take your money. Never share your Cash App information with anyone!

 

How long does cash app verification take?

Cash App will send you a text message with a code once your identity has been verified using this method. Once you’ve received that text, copy it into the box found within Settings – Security & Privacy – Verified Phone Numbers and press “Verify”. Then click “Confirm”.

 

What happens if you get tricked or scammed on Cash App?

If you get scammed on Cash App, know that you are not alone. Scams on Cash App have been on the rise, including fraudulent cash-outs as well as spoof emails and text messages that appear to be from Cash App.

Wade Hankins is a landlord based in Raleigh, North Carolina and he used the Cash App to collect rent payments from his tenants. Someone called him claiming to be from Cash App and said they would help him get his money out of the app and into his back account.  Unfortunately, they were only helping themselves to his money.  He lost over $20,000 to these unscrupulous thieves.  Another man from California reported this year that scammers fooled him into creating fake refunds and then used money from his regular bank account to buy over $20,000 in bitcoin.  Cash App fraud is real and according to Apptopia, fraud on the app is up over 300% from this time last year.

If you end up getting scammed on Cash App there is very little the company can do to help you track down your money.  They lack the resources and even the tech to track the fraudsters who tricked you.  In essence, you’re on your own!

How do I report fraud on Cash app?

If you think that someone has tried to trick you into giving them money or your personal information, please change your Cash App PIN so no one can access it. Then report the incident to Cash App Support here: https://cash.app/contact

Next, contact your local law enforcement agency right away so they can start their own investigation into what happened and how it could be prevented in the future.

How to protect your Cash App account from fraud?

Verify that the Cash app you downloaded is an official version of Cash App. It should say “CashApp” in green lettering on a white or grey background with no other colors or patterns.

 

Do not respond to any messages, texts, emails, etc., requesting personal information like date-of-birth and social security number for verification purposes; this will likely be part of the scammer’s strategy to gain access to your accounts Don’t click any links in emails or texts that you weren’t expecting.

 

Do not take the bait if your Cash App account is blocked and someone who appears to be from Cash App contacts you. If it’s a legitimate request, they will have sent an email rather than contacting you directly through social media or text messages.

 

Always double-check before clicking on anything like links, attachments, etc., as these can often lead to malware downloads onto your device.

 

Never share your Cash app username and password with anyone else; this includes sharing them via “email recall” within the app because this could also result in fraud taking place against your account. Remember: Sharing passwords allows criminals access to all of our accounts at once!

How to get money back from cash app fraud?

On your own there is very little you can do, and as discussed above, there is very little that the company or its employees can do – or are willing to do. That’s where professional recovery services come in. Companies like PayBack ltd. specialize in recovering lost funds from all types of fraud cases, including those involving cash app.

The best way to recover your money is by contacting a recovery service even before you decide to contact Cash App customer support and asking them for their professional advice on how to go about getting back the stolen funds. These services are able to use tools that put you at a greater advantage than when trying it alone because they have been doing this type of work for years and can offer confidential help with the authorities so that justice can be served as well as get any monies owed returned quickly.

If you or someone you know has been scammed via Cash App, contact PayBack ltd. today and get started getting your money back in your pocket.

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