BBB Scam Alert: This get-rich-quick con promises fast money on Cash App
Milwaukee, Wis. – Want to turn $500 into $10,000 with very little effort? Of course, you do! Scammers are taking advantage of people’s get-rich-quick dreams by promoting “money flipping” scams on social media, and BBB is seeing dozens of reports each month about these cons.
How the Scam Works:
You see a photo of a pile cash on social media. In the caption, the user brags about having “flipped” a couple hundred dollars into thousands. Want to do it, too? It’s easy. Just message the account holder. The “investor” will ask you to send money – typically $300 to $800 – through Cash App or another digital wallet service. Then, they “invest” your money in the stock market where it multiples in a few days.
Cash App and its parent company Square are aware that scammers are using its platform in this way and they have communicated with customers who have been impacted by certain scams. They recommend that any customer in need of additional assistance contact their support team cash.app/help.
Tips to Avoid Money Flipping Scams:
- Tell a real Cash App giveaway from a scam. Since 2017, Cash App has been running weekly giveaways under the hashtag #CashAppFriday. The company partners with businesses and celebrities, who ask 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 like they are part of an official giveaway. Make sure a giveaway is real before you respond.
- Search online. Before contacting the potential scammer, do a web search of their username or phone number. If it’s a scam, chances are that other victims have posted complaints and information online.
- Be very wary of buzz words. Certain phrases should raise a red flag. Don’t believe anything that is “guaranteed” to do well, or that offers low or no risk with a high return. Anyone who claims to be able to turn a small investment into piles of cash in mere minutes is a scam artist.
- Treat Cash App like cash. Once you send money though Cash App, you may not be able to get that money back. It’s now scammers payment method of choice, so be careful.
If you’ve been targeted by this scam, help others avoid the same problem by reporting your experience on the BBB Scam Tracker.
For more information or further inquiries, contact the Wisconsin BBB at www.bbb.org/wisconsin, 414-847-6000 or 1-800-273-1002. Consumers also can find more information about how to protect themselves from scams by following the Wisconsin BBB on Facebook, Twitter, Instagram and YouTube.
ABOUT BBB: For more than 100 years, the Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2019, people turned to BBB more than 183 million times for BBB Business Profiles on more than 5.8 million businesses and Charity Reports on 11,000 charities, all available for free at bbb.org. There are local, independent BBBs across the United States, Canada and Mexico, including BBB Serving Wisconsin which was founded in 1939 and serves the state of Wisconsin.