Thousands of Cash App users have fell prey to Cash App Flip Scam, if you have received any similar cash investment offer then consider some important points before taking any action. Keep reading and get to know about all the scams associated with Cash App.
Developed In 2013, CashApp is a mobile payment service that is developed by Square, Inc. It enables the users for direct peer-to-peer payment via their mobile phones. They also provide their users an optional Visa Debit Card that enables them to use funds from Cash App account. This debit card can also be used to withdraw cash from an ATM. The most important thing you should have is a working bank account.
In some recent days, some fake investors have used Cash App and similar tech to deceive people. Today in this article, we will talk about the Cash App Flip Scam that has tricked so many innocent people on Internet. Stick with us!
What Is Cash App Flip Scam
Cash App Flip Scam is a trick that is used by some false investors to earn money illegally. They will ask you to invest your money so that they can get it doubled for you. But in the end, you will not even get your original investment back.
As reported by the Better Business Bureau, the initial step scammers’ use is to send you a picture of a pile of cash. Along with the pictures, the sender will try to make you believe how they flipped couple of hundred dollars into thousands in just no time. They will try to persuade you that you can also invest to get double return.
Once you get trapped, they will ask you to use Cash App, or any other digital service, to send them the initial investment, that is usually $300 to $800. The Scammers’ will also promise you to invest your money in stock market where they will multiply your initial deposit in just few days.
Cash App Scams
After giving in your cash, on any point if you try to get your money back then they will ask you to pay additional money so that you will get your cash back by paying the taxes to IRS. They may also tell you that, CashApp charges fee to give your money back.
But, the fact is you are not even going to get your initial investment back. Even if you pay for the IRS taxes or for the CashApp charges stated by them then this amount will also go into vain.
So, for investing in such deals you should check the legitimacy of the other party. There are thousands of websites on internet that have tricked millions of users this way. Especially in the Corona Pandemic, scammers are out with their full force to trick the innocent people.
Also read about Blox.Fish Scam
How To Avoid Cash App Flip Scam
To avoid such scams, here are some precautionary measures,
The first thing you should consider is that, before sending your money to any potential scammer, do a web search for their Email, Phone number and username. If it is a scam, there is possibility that other people have posted complaints about him.
Try to differentiate between a real Cash App giveaway and a fake one. CashApp has been running weekly giveaways using the hashtag #CashAppFriday. The App partners with businesses and celebrities and then they ask users to comment and share their social media posts so that they can be selected for a cash prize. The scammers use similar tricks and language to trap users so make sure it is real before you respond.
Also remember that, once you send money using this digital wallet you will not be able to get it back. This is the reason most of the scammers are using this channel for money transfers. So, be careful before sending cash to any unknown person.
This was all about the Cash App Flip Scam. Hope you find this information useful. Make sure to follow us, for further updates on this wide spread scam.