They’ll contact a participant via social media, tell them they’ve won and then request a fee in order to release the funds. The weekly cash giveaway event on the platform’s Instagram and Twitter accounts has, predictably, been hijacked by fraudsters. Understanding exactly what these scams might look like is the first step towards staying safe.

In short, if you’re tricked into sending a fraudster money, that cash is most likely gone, never to return. Although it includes multiple features including PIN and biometric authentication, account usage alerts and a certain amount of protection from unauthorized charges, it can’t insulate you from fraud. The rise of Cash AppĬash App is used by tens of millions of people each month, especially because among other things, the app allows users to send and receive money instantly. And mobile payment apps like Cash App, Zelle or Venmo that allow users to send each other money are right at the top of their priority list. Over the years, these devices have become an extension of ourselves, slowly replacing our cameras, our PCs and now our wallets.īut the popularity of the apps we use every day has made them an attractive target for fraudsters. And at the heart of the digital experiences that make our lives easier sits the smartphone.

For today’s consumers, convenience is king.

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