Cash App fraud up over 300%

Cash App fraud up over 300%

Cash App (opens in a new tab) fraud reports in mobile payment services have increased by more than 300% since the same time last year, according to the latest data from mobile data provider Apptopia (opens in a new tab).

If you thought that was depressing to read, several Cash App users told Yahoo Finance (opens in a new tab) that they lost thousands of dollars after their Cash App accounts were hacked. Everyone reported how difficult it was to find a humane customer service representative when they called Cash App about missing money.

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“It’s almost like an abusive relationship where you try to reach out to someone and they completely disappoint you,” said Cash App user, a young Utah mom who said her account was low.
$3,000 per night.

Due to the loss of money, she said she would have to sell the chair to the child she is expecting while feeding the children she already has.

A California businessman told Yahoo Finance that scammers created fake funds in his Cash App account to transfer money from his regular bank account, then stole $21,000 from the Cash App account to buy Bitcoin.

COVID-19 has boosted a series of Cash app downloads following the shift to remote working. Unsurprisingly, linking the app to your bank accounts and payment cards has also led to an increase in customer reviews of alleged frauds, scams, and a host of other reports of scammers taking advantage of increased reliance on these apps.

For those unfamiliar with the service, Cash App belongs to a diverse group of P2P (peer-to-peer) mobile payment services, such as Zelle and Venmo.

These have become popular digital payment solutions as they facilitate daily payments between friends and family and help customers manage their banking affairs. But they’ve also become a breeding ground for bad guys who will rob you of your hard-earned money.

“Real-time phone support is usually not available”:

A Bay Area college student told Yahoo Finance that despite losing $1,850 to scammers using two-factor authentication (2FA) and the transaction PIN she set up on her behalf, they still couldn’t get a Cash app representative on the phone. .

Cash App told Yahoo Finance that if you call the customer service number – 1 (855) 351-2274 – you will get a registration asking you to contact customer service through the app.

“Live phone support is generally unavailable at this time,” the message read when Tom’s Guide called the number Monday at 3 p.m. ET.

The young mom told Yahoo Finance that if you’re trying to get help through the app, you can just leave a message and hope Cash App customer service calls you back.

Yes, this could get worse:

Scammers noticed this lack of customer support and rushed to take advantage of it, said WRIC-TV (opens in new tab) in Richmond, Virginia. They have engaged in what they call “search poisoning” to ensure that fake Cash App customer service numbers appear at the top of Google search results.

A Cash App user told Yahoo Finance that after he noticed $300 had gone missing from his account, he called Cash App customer service. But in the second, a fake service rep. The operator of the call went on to steal another $1,600.

In other cases, as reported by WTVD-TV (opens in a new tab) in Raleigh, North Carolina, scammers directly call Cash App users, posing as Cash App customer service representatives. They offer help. Users transfer and eventually withdraw money.

Unfortunately, the Cash app, which accounts for nearly half of parent company Square’s profits, allows customers to also receive paychecks, tax refunds, and other direct deposits directly into the service. Cash App also issues physical debit cards and allows users to invest in stocks and buy and sell Bitcoins directly from the app.