Unfortunately, new technology also means new opportunities for fraud. Cash apps, such as Venmo, Facebook Pay and PayPal are becoming more ubiquitous. Because these apps link directly to your bank or credit card accounts, they have also become a top target for scammers.
app technology opens up several new avenues for scammers who understand the
technology better than anyone. To keep them at bay and secure your use of your
digital wallet, you need to be aware of their methods.
are selling an expensive item, such as a computer, on Craigslist. The scammer
offers to pay with their Cash app. You accept the payment and send the item,
only to discover later that the transaction was reversed because the seller
used a stolen credit card. You are out both the item and your money.
big flaw with Cash apps is some can take more than a day to process a payment. A
scammer can make a payment to you and then cancel it before it hits your
account. By the time you realize it, the scammer is in the wind.
Yourself Against Cash App Fraud
biggest takeaway is to only use a Cash app to transfer funds with people you
know and trust. That is the app’s intended purpose.
because there tends to be a lag in processing payments, keep checking your
account to verify the transaction went through and that it is correct.