We have seen an increase in the amount of reports of scams and fraud in mobile payment apps, like Cash App. To avoid falling victim to a scam or fraudster, follow these best practices:
- Do not give your mobile payment app account information to anyone
- Do not share your bank account, debit card, or credit card information
- Never send funds to someone you do not know
- Do not pay a “prize fee” or “prize tax” to claim a contest prize or giveaway item, especially if you did not enter a contest or giveaway
- Your financial institution will never contact you to request information such as your account number, debit card number, or personal information
- Cash App does not have live customer support, and only offers support through email. Be wary of imposter websites offering support for mobile payment apps
- Remember that if something sounds too good to be true, it probably is
Our fraud team at CommStar can only help with cases of unauthorized use of your debit card. Refunds for scams or missing goods must be disputed with the service provider.
Below is some information from the Federal Trade Commission on mobile payment app scams:
How to Avoid Sending Money to a Scammer
For years, scammers have been making up all kinds of stories to trick people into sending them money. They may lie to you and say
- you won a prize or a sweepstakes and need to pay some fees to collect it
- a loved one is in trouble and they need you to send money
- you owe taxes to the IRS
- they’re from tech support and need money to fix a problem with your computer
- they’re someone who is romantically interested in you and needs some money
Scammers want you to pay in a way that’s quick and makes it hard for you to get your money back. That’s why they’ll tell you to wire money or pay them with reload cards or gift cards.
Scammers may also tell you to send money through a mobile payment app. If you get an unexpected email or text message that asks you to send money, don’t click on any links. Log in to the app to see if you have any requests for money. If you don’t, the email or text is probably a phishing scam.
What to Do If You Sent Money to a Scammer
If you sent money to a scammer, report the scam to the mobile payment app and ask them to reverse the transaction right away.
Then, report it to the Federal Trade Commission. When you report a scam, the FTC can use the information to build cases against scammers.
For more information, or to report a scam, visit the FTC’s website here.