In the recent months, COVID-19 has opened the door for scammers to find various ways to lure victims into providing their banking information and sending money through peer-to-peer payment platforms like CashApp, Zelle, & Venmo.
While these apps are great and generally secure, they are easy tools to gain access to money from unsuspecting individuals due to the difficulty of recovering funds sent through the platforms, but that does not mean you must stop using them.
Tips to Avoid Being Scammed:
- Keep your personal information and banking details to yourself. Never send banking information to anyone requesting it on the internet.
- The general rule of thumb is, if it sounds too good to be true, then it probably is. Think twice and do not make any assumptions.
- Never respond to emails asking for your personal details. When in doubt, simply place a call directly to the company.
- Beware of social media deals and merchandise being sold through platforms. Do your research, read comments, to ensure the page is legit and reputable prior to sending any funds.
- If you receive text message or email threats demanding any form of money contact the proper authorities, do not send any money.
- If a post or tweet looks suspicious or too good to be true, do not take any chances; ignore it and move on.
Protect yourself from scams by learning about the medium used to pull it off and how to recognize red flags. Here is what you need to know about Cash App and similar payment apps:
- Cash App will never ask customers to send them money. Cash App will not ask users to share their PIN or sign-in code outside the app.
- Cash App currently has only two official Twitter accounts, @cashapp and @cashsupport, and both have blue, verified check marks. If you get a tweet from another account appearing to be from the app, it is likely bogus.
- Double check that you are sending the correct amount of money to the correct person.
Be mindful, if you initiate the transaction and fall for a scam, we do not recover the money and the payment application may not either.
If you believe you have fallen victim to a mobile payment app scam, contact the app’s support through the app or website; they may be able to reverse the transaction. You can also report it to the FTC and warn your friends about the circulating scam.