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  • Geebo 8:00 am on April 22, 2022 Permalink | Reply
    Tags: , , money-flipping, , ,   

    Cash flipping scam not confined to one app 

    Cash flipping scam not confined to one app

    By Greg Collier

    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.

    More recently, the cash flipping scam has migrated from Cash App and onto other payment apps such as Venmo and Zelle. A Sheriff’s Office in South Carolina has recently warned residents there that the scam was finding victims. The Sheriff even said that it’s almost impossible to recover your money once it’s sent to a scammer, since transfers are made instantly, making it incredibly difficult to find the scammer.

    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.

  • Geebo 8:00 am on October 26, 2021 Permalink | Reply
    Tags: , , , , money-flipping,   

    Gift card scam targets Cash App users 

    By Greg Collier

    To be blunt, Cash App has a scam problem. Out of all the payment and wallet apps, Cash App seems to have an inordinate number of scammers on its platform. The scam they’re most famous for is known as cash flipping. This is where scammers post on social media that they’ll give a large amount of money to someone’s Cash App account if the person pays a small amount first. For example, scammers will promise $1500 if someone pays them $150. Cash App hasn’t helped itself in discouraging this scam, since they have a giveaway every Friday on social media. However, the difference between a legitimate Cash App giveaway and a scam is that Cash App doesn’t ask for any money in advance.

    Now, another Cash App flipping scam is circulating on social media, and it bypasses Cash App altogether while targeting its users. Scammers are offering large amounts of money on Cash App, but first the user has to buy a gift card to give to the scammer. The higher amount the gift card is, the larger amount of money the Cash App user is supposed to get back. It starts at $1500 for a $100 gift card and goes all the way up to $10,600 for a $1000 git card. Anyone who falls victim to this scam isn’t going to see any money enter their Cash App account. Instead, they’ll be out the money they paid for the gift card.

    The age-old adage of ‘there’s no such thing as a free lunch’ really applies here. If someone is offering you something that seems too good to be true, they either want something from you or it’s an outright scam. Keep in mind that Cash App’s legitimate giveaways are considered sweepstakes and no purchase is necessary. Anyone who asks for money in advance for a giveaway is a scammer. Gift cards are also a huge signifier that this is a scam. Gift cards might even be used more in scams than as actual gifts. No legitimate agency or business will ever ask for payment in gift cards. If you’ve been a victim to any one of the Cash App scams, you can contact Cash App customer service through their app.

  • Geebo 10:00 am on August 25, 2016 Permalink | Reply
    Tags: , money-flipping,   

    Instagram scam targets those who follow their bank 

    Instagram scam targets those who follow their bank

    An internet security company has made public that there is a scam being proliferated through the photo sharing app Instagram. The scam, known as ‘money-flipping’, appears to target users who follow any kind of financial institution on Instagram. The scammers will message a user telling them they know a trick to make quick money while the scammer’s Instagram account contains picture that flaunt wealth and cash. The scammer will then request the victim’s bank information to transfer some money to and then will only take a percentage of the money back.

    If this sounds familiar it’s because it’s a variation of the fake check scam. The fake check scam targets people who sell items online where the scammer will send a check that’s more than the amount asked. The scammer will then say they made a mistake and then will ask for the excess money back, usually to be wired somewhere. The checks then turn out to be fake after the victim has already wired the money back so then the victim is on the hook to the bank for the money they’ve wired and the scammers are long gone. With the money-flipping scam it’s all done electronically and you’ve been taken for a ride before you even know it.

    Instagram claims that this is only a small problem on their network, however as with any get rich quick scheme, if it sounds too good to be true it almost definitely is.

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