Cash App has made it much easier for millions of people to send and receive money to each other with their smartphones. The app is loved for its accessibility, data security, and customer support. Instead of an account number, users can securely use an email address, phone number, or unique identifier on the peer-to-peer payment platform.
Cash App accounts can also be linked to existing bank accounts in order to send money to and from the Cash App account. As the number of users on the app continues to grow, so do concerns about the protection of its users from scams such as money flip scams.
How Do Cash App Flips Work?
Scammers usually get the attention of Cash App users through posts on social media. In the posts, scammers describe how they “flipped” hundreds of dollars into thousands. They lure their victims in by promising similar returns for them.
In other cases, participants of legitimate Cash App giveaways may be targeted by money-flipping scammers. This is due in part to the scammer's belief that participants in the Cash App giveaways may be more willing than other users to utilize different methods to make money on the app.
#CashApp #Scammer— Investigation Buddy (@buddy_invest) January 16, 2020
I can not believe how many people he scammed!
Please never send them money!@CashApp is only CashApp and no one on Twitter or any other website will not flip your money or whatever they say!
Check Twitter Financial #Scam policy ?? #ScamAlert pic.twitter.com/bjaMJV4Pj9
After seeing posts of how “easy” it is to make money by flipping cash, Cash App users message the poster in order to know more. The scammer usually responds to such messages by asking the Cash App user to send $10 to $1000 through Cash App.
The victim sends the money, believing that it will be invested in the stock market or in some other way so that it can be multiplied in a matter of days.
After receiving payment, the scammer moves on to their next victim and never responds back to the user who sends the payment to them unless they want to attempt another scam.
Some scammers have been known to offer their victims a smaller "flip" of $2 to $20 that works in the first instance so they can gain the trust of a user to send money for a much bigger amount. After the trust is gained and a much bigger amount is sent, the scammer stops responding to the user's messages.
You may be wondering how people could fall for a trick that seems too good to be true.
Unfortunately, a lot of scammers are really good at using social engineering to get what they want from their victims. It is not uncommon for a myriad of social engineering tricks and tools to be used by Cash App money flipping scammers.
In certain cases, a money flipping scammer may try to give a user the impression that they are an expert in software or a customer service personnel who can help to increase the value of the user’s transaction. A scammer may send a direct message to a user offering a combination of a giveaway and money flipping. The offer of a Cash App giveaway can be used to incentivize the user to participate in the scheme.
Money flipping may be a relatively new issue for Cash App but it is not new for?other social media platforms such as Facebook, Twitter, and Instagram. Such platforms have had to deal with different methods of money flipping schemes for years.
How to Avoid Money Flipping Scams
Here are the ways you can avoid Cash App money flip scams.
Be as Cautious as You Would Be With Your Bank Account
The money you have on Cash App should be treated like real cash. You wouldn’t just give money to a random person on the street who claims to be able to flip money for profit. If you were to do so, it’d be very unlikely that you would get your money back.
Look for Red Flags
You should appreciate the fact that creating a significant return on a small investment in mere minutes is almost impossible in most cases. Scam artists like to play on people’s desire for quick returns by making such promises. But promises of quick returns in minutes are almost always red flags---it's a scam.
Carrying out due diligence on a person who claims to be able to flip your money on Cash App is a great way of reducing a lot of risks early. You may?use open source intelligence tools to make checks against usernames and phone numbers. There are likely to be complaints and other negative information related to the username or phone number of a scammer.
Another Tip today. I'm getting an alarming amount t of questions about a "flip it " thing going around on Twitter. "Send me 500 on cash app and I'll send you 5000 back!". Always aways think of this, if it sounds too good to be true? IT IS! Do not send people money! It's a scam!— ?????? ?????????????????? (@V0ICE0FKINGS) July 19, 2020
You should be able to tell the difference between a Cash App giveaway and a scam. Cash App usually has a lot of giveaways that users benefit from. To spot the signs of a scam, you should attempt to confirm whether the account promoting the giveaway is official.
The presentation of a customer service number can be enough to convince people that a money-flipping scheme is not a scam. It should be remembered that Cash App does not have a phone number that can be used to contact its service representatives. If the number presented to you is not to Cash App’s automated support line (1-855-351-2275) it is a scam number.
Getting Help from Cash App
The best way to contact Cash App for assistance or additional information is through the application. By selecting the profile icon on your home screen then selecting Support, you will be led to a page where you can find the precise issue.
Cash App is aware of the scammers and their activities on its platform. It has felt the direct effects of some of the scams that have taken place. In a bid to help reduce the negative impact of scammers on its platform, Cash App provides additional assistance to users through its support team on cash.app/help.
There is always a risk that the account of an online friend could be hacked. There are different methods that can be used to gain access to the account, including clickjacking. With access to the account, a scammer can send messages to you and other people, under the guise of being a trustworthy friend.
Take Extra Measures to Stay Safe from Flip Scams
To?ensure that you do not fall victim to cash flip scams on Cash App or other platforms, it is important that you treat your interactions with potential scammers as you would with a suspicious stranger on the streets.
The red flags of scams can be easier to spot in person than online. It is important to have a good understanding of the red flags of Cash App flip scams to watch out for. With practice and attention, your ability to spot and avoid scams can become instinctual.
Spotting spam calls is tricky, especially if it looks like a call from a local number.