Cash App: Top 5 Money Scams To Look Out For In 2022

Cash App is a well-known payment service available in the United Kingdom and the United States. Created by Block. Inc., the mobile application ensures fast, hassle-free, and secure payments between its users. However, the app has recently become a target of scammers and has been used to steal money from users. If you have fallen victim to financial fraud on Cash App, the consultancy company, TheClaimers, can help you recover your funds. Contact them via their website and get a free consultancy on your case today! 

5 Types Of Cash App Scams:

  1. Payment Claiming Scam

Scammers ask you to send them money in exchange for getting a larger amount of money. Hence, they ask you to ‘claim’ a payment by paying the scammer an initial fee. However, these claims for payment are always scams. Thus, you should never send money to anyone making unrealistic promises of large sums of money in return. There may be scammers on the Cash App making such claims. But Cash App never requests you send money to another account, nor does it require sending money to ‘claim’ a payment.

  1. Cash Flipping and Clearance Fee Scams

Like the previous scam, scammers might even promise to increase your funds by a certain amount. They make claims about ‘flipping’ your money, i.e., increasing it two or three folds, but an initial amount or ‘clearance fee’ needs to be paid initially. Although you are assured that your money will be increased and sent back to you, the scammers never send you anything in return for the clearance fee. Hence, you should avoid sending money to anyone making such claims or promises. The consultancy and fund recovery firm, TheClaimers has warned against this scam. The company stated that no legitimate business carries out ‘cash flipping’; hence, anyone making such promises should immediately indicate it is a scam.

  1. Pet Deposit Scam

This scam targets animal lovers looking for pure breeds at an affordable price. The scammers will claim they will have a litter of, for example, kittens or puppies soon and request you to make a small deposit to secure whichever you wish to purchase. Social media pages with fake photographs might be used to lure in more people, offering low prices for popular purebred animals. If you pay the deposit via Cash App, the service cannot guarantee a refund if you did not receive the pet as promised. Thus, only if you’ve met the seller in person and have their authenticated Cash App profile should you send them any money. Another safer option would be to send the payment after receiving the pet or any product as promised.

  1. Apartment / House Rental Deposit Scam

Scammers also make promises of cheap housing or apartments, sometimes even lower than the average rate in the real estate market. You are requested to make a deposit to secure the rental house or apartment, perhaps even before actually visiting the property. Scammers successfully receive the deposit from you for a property that might not even exist; hence, they receive the payment beforehand. Thus, you should not send money to anyone asking for payment before seeing the actual property and finalizing the deal. 

  1. Cash App Friday Scam

Cash App Friday is a promotion by Cash App that offers free money to its users through sweepstakes on Fridays. Users can win hundreds of dollars using their Cash App identifiers or Cashtags. All they have to do is share their Cashtag under the posts by the Cash App’s official Twitter and Instagram pages. Winners are chosen at random by the Cash App page to whom the cash prize is then transferred. 

Scammers take advantage of people wanting to get money for free. They convince people who respond under the Cash Apps social media page that they won the sweepstake. While impersonating a Cash App employee, scammers contact Cash App users claiming they have won and need to pay a small ‘fee’ of $20 or less to receive the cash prize. Although the Cash App giveaway is free, people still fall victim to attempts made by scammers because the requested fee seems like a small amount to pay compared to the larger cash prize they would receive. Consequently, the scammer gets away with stealing ‘fees’ from multiple Cash App users, and the users don’t receive anything in return for the money they sent to the scammer. Thus, you should avoid private messages from people claiming to be Cash App employees because the winner is usually announced on the company’s social media. 

Nevertheless, if you have fallen victim to any of the above scams, contact TheClaimers today! The third-party company can help you recover funds lost to scams with their team of highly qualified technical specialists and lawyers.

By Admin

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