Money flip scams are becoming more prevalent online. Here's how to spot and avoid the Cash App Money Flip Scam.
stopwatch and money on the back of the card
Cash App has made it very easy for millions of people to send and receive money from their smartphones to each other. The app is preferred for its accessibility, data security and customer support.
Instead of an account number, users can securely use an email address, phone number or unique identifier on the peer-to-peer payment platform.
Cash App accounts can also be linked to existing bank accounts to send money to and from the Cash App account. As the number of users on the app continues to grow, so have the concerns of protecting its users from scams like money flip scams.
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How Do Cash App Flips Work?
Scammers usually grab the attention of Cash App users through posts on social media. In the post, scammers describe how they turned hundreds of dollars into thousands. They entice their victims by promising them equal returns.
In other cases, participants of the legitimate Cash App giveaway may be targeted by money-flipping scammers. This is due to the belief of scammers that participants in the Cash App Giveaway may be more willing than other users to use different methods to make money on the app.
After seeing posts about how easy it is to earn money by flipping cash, Cash App users message the poster to know more. The scammer usually responds to such messages by asking the victim to send $10 to $1,000 through the Cash App.
The victim sends money, believing that it will be invested in the stock market or some other way so that it can be multiplied in a matter of days.
After receiving the payment, the scammer moves on to their next victim and never responds to the user who sent them the payment unless they wish to attempt another scam.
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Some scammers have been known to give their victims a small "flip" of $2 to $20 that works at first, in order to gain the user's trust in sending money for very large sums of money.
After the trust is gained and a huge amount is sent, the scammer stops responding to the user's messages.
You might be wondering how people can fall for a trick that looks too good to be true.
Unfortunately, many scammers are excellent at using social engineering to get what they want from their victims. It is not uncommon for a myriad of tricks and tools to be used by Cash App money flipping scammers.
In some cases, money flipping scammers may try to give the user the impression that they are experts in software or have customer service staff who can help increase the value of a user's transaction. A scammer may send a direct message to a user offering a combination of a giveaway and money flipp