With each passing day, we are witnessing many new scams, The latest one is the Cash App Transfer Scam Text spreading wildly all across the United States. The scammers try to find soft targets, and people with less tech knowledge always fell for such scams.
Before heading to the actual Cash App Transfer Text scam issue, we have to first understand how the Cash App Works. What is the role of the community in making the Cash App a safer place for all. This is necessary to know more about the app we all use.
So we start from the beginning.
What is Cash App transfer Scam Text?
Cash App is a mobile financial app that lets you send money to friends and family, pay your friends back for din,ner or split the cost of a hotel room with your buddies.
It’s also the same app that can be used to load cash directly onto a Visa debit card and use it for transactions at stores, restaura,nts and hotels through the PayPal-owned company’s Venmo Payment Network. To curb any chances of getting these Cash App Transfer Scam texts on your devices.
So for safety Cash App usually sends the owner of the account a text message to let him/her know that the payment is made to a specific party.
What Data is stolen if you are getting this Cash App transfer scam text:
So If you are getting all these Transfer Scam text alerts on your phone. This is what the scammers know about you.
- Your Phone Number
- Your Cash App Wallet address
- Your Cash App Tag
- Your location and other data related to Cash App may be compromised.
You can always contact Cash App Support on Twitter to get get your Cash app Wallet more secure. This will add an extra layer of safety to your account.
How Cash App text scams work:
In my perspective, another prevalent Cash App fraud involves phishing emails. Scammers masquerade as Cash App and send you emails containing phishing links, hoping you would click on them or in this case reply to the Transfer Text Scam with your own Cash App info.
Their ultimate goal is to steal your personal information. These phishing URLs frequently lead to bogus online survey pages that suggest you might receive a reward for completing a questionnaire.
In those other instances, the URLs lead to bogus Cash App login screens that demand you to enter your login information.
Scammers can exploit the credentials you input on these pages to get access to your Cash App account and steal your money. They could even use your information to commit identity theft.
However we all know that the Cash App Direct Deposit issue is still there and sometimes it takes more than the scheduled time, but scammers have exploited this issue more dangerously.
Cash App transfer Scam Text charts showing ever-increasing scam alerts:
The charts released by Scam Alerts (c) show some dreadful numbers. A small data set taken from Jan to July 2022 shows ever-increasing scams going on in the name of Cash App.
These are the reported cases, while we still have no reports about the Cash App Scams that are not reported to the authorities. The data shows that 1,278 cases in January have exponentially increased to 15,398 cases in July only.
Cash App transfer Scam increased after the 2019 Covid season:
In my point of view, the epidemic caused by the coronavirus has been a windfall for fraudsters who are attempting to scam users of Cash App out of their money.
According to the Federal Trade Commission, the number of reports of fraudulent activity with Cash App has skyrocketed during this pandemic, increasing by an astounding 472%.
Others promote bogus lotteries or giveaway scams that claim you’ve won a prize for being vaccinated, while some con artists create fake grant or relief programmers that ask for payment or advanced fees to receive benefits, and still, others create fake grant or relief programmers that ask for payment or advanced fees to receive benefits.
Official Response by Cash App Support on Cash App Transfer text:
We’re aware of scams via text message asking recipients to complete a Cash App transfer. As a reminder, @CashApp will never ask you to complete a transaction via SMS – payment activity occurs in-app only. If you receive a message from someone posing as Cash App, do not engage.
— Cash App Support (@CashSupport) September 4, 2020
Things to keep in mind to avoid Cash App Transfer Scam text:
Follow these steps:
- You should only transfer money to people you know and double-check their usernames
- if you’re sending money using the Cash App.
- While paying for services or commodities using the Cash App may be convenient, sending money to family and friends is far more secure.
- Remember that all Cash App transactions are immediate and cannot be reversed.
- Even if you unintentionally transfer money to the wrong individual, the Cash App may not be able to stop the transaction or return the money.
Always Participate in official Cash App Give Aways and avoid Cash App Transfer Scam:
Every Friday, Cash App offers an official contest in which consumers can win cash rewards, in my opinion. However, there are dozens of phony Cash App Friday events on Instagram, Facebook, and other social networks that use the official #CashAppFriday hashtag.
Such Giveaways work great and help in eliminating the scammers from the space. But the Scammers will construct bogus raffles and send users messages requesting that they transfer a few bucks via Cash App
While some of them give their login information in order to participate. Users can send money or information, but they receive nothing in return.
We recommend double-checking that the link to enter the legitimate Cash App sweepstakes originates from the verified Cash App Twitter account, which has a blue checkmark next to the username. You should also avoid these additional organizations and companies that are frequently impersonated by scammers.
Such measures will kill such Phishing approaches to your account. The scams like this Can be stopped by getting mass awareness.