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  • Geebo 8:00 am on April 2, 2020 Permalink | Reply
    Tags: , cash flipping,   

    Cash App scams are on the rise 

    Cash App scams are on the rise

    If you’ve never heard of Cash App, it’s a payment app in the vein of other apps like PayPal and Venmo. It’s generally supposed to be used between friends and family to easily send them money. In order to better market their business, Cash App has giveaways that they call ‘Cash App Friday’ that use the hashtag #CashAppFridays on social media. The giveaways from Cash App and their parent company Square have been reported as being from around $100-$500. Many Cash App users have been bailed out of some serious financial situations from Cash App’s giveaways but whenever someone does good there are always those looking to take advantage of the situation.

    With the current ongoing crisis, many people are finding themselves in dire straits financially. Some are willing to grasp at any glimpse of hope for a way out of their circumstance. That’s where the Cash App scammers come in. On social media, they’ll post that they’ll give you money through Cash App if you just pay them a lesser amount. For example, a scammer may promise to pay you $500 if you give them $50 through Cash App. As you might expect, once the scammer has your money the victim receives nothing in return. This practice is known as ‘cash flipping’ but in reality, nothing is flipped. The scammers will use the #CashAppFridays hashtag to find victims for their scam. To make matters worse, the Cash App scammers are now using hashtags related to the coronavirus pandemic to try to lure in even more victims.

    As we have said before, this scam is akin to handing your money to a stranger on the street who promised you $50 for $5. You wouldn’t do it then so why give your money to strangers on the internet? As much as we’d like to believe that there are wealthy good samaritans online looking to help the little guy, the reality is there aren’t. While the amounts lost by victims may seem small, that might have been their next meal for their family or gas in their car. These apps should only be used for exchanging money between friends and family and not random people online promising you money.

    (H/T Quartz)

     
  • Geebo 8:00 am on October 25, 2019 Permalink | Reply
    Tags: , cash flipping, , Square   

    Cash flipping isn’t a real thing 

    Cash flipping isn't a real thing

    If you’ve never heard of the company Square, they are innovators in the mobile payment space. Before Square, if a merchant wanted to be able to accept debit and credit card payments they needed an expensive and complicated system to do so. Now, thanks to Square, all a merchant may need is a tablet with Square’s dongle attached to it to process debit and credit card payments. Square also has a service for consumers called the Cash App. It’s a mobile payment system that is in the same vein as Venmo. And of course, when there’s a tool for money to change hands there are people looking to get their hands on that money.

    The 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. This has spawned several Cash App imitators hijacking the hashtag claiming that they can give you money if you just pay them a little bit of money in a practice known as cash flipping. For example, these imitators will say they work for Cash App and can get you $500 if you give them $50. Other Cash App imitators will try to direct you to a phony website that looks like it’s run by Cash App but in reality, they’re just trying to get your Cash App login credentials in a phishing attempt.

    This brings two adages to mind, ‘if it’s too good to be true it probably is’ and ‘there’s no such thing as a free lunch’. No one is going to give you more money if you pay them money for this scam. They’re simply going to bait their victims into sending a large amount of money before disappearing. You wouldn’t hand money to a stranger on the street who said they’ll give you $500 if you give them $50, so why give it to some stranger on the internet? These apps should only be used for exchanging money between friends and family. If a random stranger online is asking you for money through these apps, it’s almost guaranteed to be a scam.

     
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