Greg's Corner

There’s a new twist on the cash flipping scam

We’ve discussed cash flipping scams in the past. They are mostly associated with the payment app Cash App. Cash App has giveaways on Fridays that they call #CashAppFridays. If you follow that hashtag on Twitter or Instagram you could be eligible for a cash prize from Cash App. This has led to a number of scammers who have hijacked the hashtag to commit the cash, or money, flipping scam.

The scammers try to convince their victims that they’ll give the victims a lot of money in exchange for a little money. For example, a scammer may promise victims $500 if the victims send the scammers $50 through Cash App. Once the victim sends the money through Cash App the scammer blocks the victim and keeps their money. Cash App policies have been said to give little recourse to victims in scams like this. Payments can often only be refunded if the person who receives the payment cancels the transaction.

Now, the Better Business Bureau is reporting that the Cash App scammers are trying a new tactic in their cash flipping scams. According to the BBB, scammers are now offering to ‘invest’ the money you give them through Cash App. The scammers will ‘guarantee’ that your investment will multiply. They are said to be asking for anywhere from $300 to $800.

As with most money scams. if you pay a scammer once, they’ll try to get you to pay more. This scam is no different, if you try to contact the scammer about your investment, they might tell you that Cash App has a fee that you need to pay to the scammer to get your money. Or they might tell you there’s a tax fee that you need to pay to them first. The point is, once you pay money to a Cash App scammer you’ll never see it again.

As we always say, cash flipping is not a real thing. You wouldn’t give money to a stranger on the street who promised to invest it. So why would you give it to a stranger on social media? It’s understandable that people in dire financial straits may be desperate enough to do anything to keep their heads above water. However, there is no true way to get rich quick, and if someone tries they could find themselves in deeper financial trouble than before.