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Do you want to turn $ 500 into $ 10,000 with very little effort? Of course you do! Scammers are capitalizing on people’s dreams of getting rich quick by promoting “money flipping” scams on social media, and BBB sees dozens of reports of these drawbacks every month.
This is how the scam works:
You see a photo of a pile of cash on social media. In the caption, the user brags about “turning” a few hundred dollars into thousands. Do you want to do it too? It’s easy. Simply send a message to the account holder. The “investor” will ask you to submit money – usually USD 300 to 800 – through the Cash app or. to send another digital wallet service. Then “invest” your money in the stock exchange, where it will multiply in a few days.
Sounds great, doesn’t it? Here’s the catch. When you try to get your money back, the scammer claims that Cash App will charge a return fee. In other cases, the scammer claims that you have to pay tax to the Internal Revenue Service first. Some victims report that they sent thousands of dollars in bogus charges. Every dollar you pay for flipping money – from the initial “investment” to what it claims to be taxes – goes straight into the fraudster’s pocket. You won’t see your money anymore.
Cash app and its parent company square are aware that this is how scammers use their platform and have communicated with customers who have been affected by certain scams. They recommend any customer who needs additional help to contact their support team cash.app/hilfe.
Tips to Avoid Money Flipping Scams:
- Tell a real cash app giveaway about a scam. Cash App has been running weekly giveaways under the hashtag #CashAppFriday since 2017. The company works with businesses and celebrities asking users to retweet or comment on their social posts in hopes of being selected for a cash prize. Scammers often use similar language and pretend they’re part of an official giveaway. Make sure a giveaway is genuine before replying.
- Search online. Before contacting the potential scammer, do a web search for their username or phone number. If it is a scam, chances are other victims have posted complaints and information online.
- Be very careful with buzzwords. Certain sentences should trigger a red flag. Don’t believe anything that is “guaranteed” to go well or that offers little or no risk with a high return. Anyone who claims they can turn a small investment into a pile of money in minutes is a scam.
- Treat the Cash app like cash. Once you send money through the Cash app, you may not be able to get that money back. It is now the scammers’ preferred payment method so be careful.
For more informations
If you are the target of this scam, you can help others avoid the same problem by sharing your experience on the BBB scam tracker.
For more information or additional inquiries, contact the Wisconsin BBB at www.bbb.org/wisconsin, 414-847-6000 or 1-800-273-1002. Consumers can also find more information on how to protect themselves from scams by following the Wisconsin BBB on Facebook, Twitter, Instagram and Youtube.