10 Common Cash App Scams and How To Avoid Them | Burner

10 Common Cash App Scams and How To Avoid Them

Written By:

Elizabeth Thorn

Reviewed By:

Elizabeth Thorn

1. Cash Flipping

Cash flipping scams or money flip scams are nothing new. In essence, a scammer promises you that they’re going to take the money you give them and multiply it with some genius investment. It’s free money! All you have to do is transfer them money you’d otherwise just leave sitting around, and they’ll make you rich at some future point when their brilliant investment pays off. Be wary of messages with hashtags like #quickprofits.

2. Catfishing

It’s a tale as old as time. You meet someone online who seemingly shows great interest in you. They may tug at your heartstrings with tales of misfortune, prompting you to send them money. Ultimately, this turns out to be a scam, and you find yourself the victim of a catfishing scam.

3. Cryptocurrency

Cryptocurrency scams typically involve promises of high returns on investment in exchange for your crypto. Fraudsters will propose a scheme where you transfer bitcoin or other digital currencies, pairing it with a promise of significant profits.

4. Giveaways

Giveaway scams are designed to appear legitimate, often claiming you've won a prize you don't remember entering. You might be asked to pay a processing fee or verify your login information, leading you to lose money or expose your financial data.

5. Fake Notifications

Scammers may send text messages imitating legitimate customer support notifications, such as alerts from Cash App. These messages may prompt you to reset your password, but doing so grants access to a scammer who could then steal your funds.

6. Surveys

Survey scams ask for personal details in exchange for rewards. They may appear from recognizable companies but often lead to compromised accounts once you provide your login credentials.

7. Pet Breeders

In this scam, you might find a puppy for sale online and pay a deposit only for the sellers to vanish, leaving you without your dream pet and out of pocket. Many of these scams use fake pictures, often from legitimate breeders.

8. Home Rentals

Apartment hunting scams often involve fake rental listings where scammers ask for deposits or first month’s rent. Victims may only discover later that the listings were fraudulent.

9. Accidental Payments

Scammers may claim to have sent money to you accidentally and request that you refund them. These schemes usually involve stolen funds, putting you at risk of losing your own money when the transactions are traced back.

10. Gift Cards

Requests for gift cards are a major red flag. Scammers often ask for these in exchange for payments, insisting there’s a legitimate reason behind it. Regardless of the rationale, never send gift cards as payment.

What Do You Do When You Get Scammed?

If you fall victim to a scam, cancel any pending transactions and stop all communication with the scammer. Contact relevant companies involved, reach out to Cash App support, freeze your credit with credit bureaus, and file a police report, if comfortable.

How Can You Protect Yourself?

Protect yourself by double-checking everything and avoiding sharing sensitive information. Using a separate phone number for logins can add an extra layer of security against scams.

More Money, More Problems

As technology advances, so do the tactics of scammers. Your financial safety includes staying aware and vigilant. Using services like Burner can help protect your information while you enjoy the benefits of digital financial services.