Cash App is a convenient way to send and receive money from friends and family, but it’s important to be aware of the risks involved when receiving money from strangers. There are a number of scams that target Cash App users, and it’s important to know how to protect yourself.
Risks of receiving money from strangers on Cash App
There are a few main risks associated with receiving money from strangers on Cash App:
- Scams: Scammers often use Cash App to target victims with a variety of scams. For example, they may send you money and then ask you to send it back to them in a different way, or they may ask you to provide them with your personal information.
- Fraudulent transactions: Fraudsters may use stolen credit or debit cards to send you money on Cash App. If you accept the money and then spend it, you could be held liable for the fraudulent transaction.
- Money laundering: Criminals may use Cash App to launder money from illegal activities. If you receive money from a stranger and then withdraw it or transfer it to a bank account, you could be implicated in their crimes.
How to protect yourself from Cash App scams
There are a few things you can do to protect yourself from Cash App scams:
- Only accept money from people you know and trust. If you receive money from a stranger, be very cautious. Do not send any money back to them, and do not provide them with any personal information.
- Be wary of unexpected payments. If you receive a payment from someone you don’t know, it’s likely a scam. Do not accept the payment, and report it to Cash App support.
- Never click on links in emails or text messages that claim to be from Cash App. These links could lead to phishing websites that can steal your personal information.
- Enable two-factor authentication on your Cash App account. This will add an extra layer of security to your account and make it more difficult for scammers to gain access to it.
What to do if you receive a suspicious payment on Cash App
If you receive a suspicious payment on Cash App, do not accept it. Instead, report it to Cash App support immediately. You can do this by contacting them through their website or by calling them at 1-800-969-1940.
Cash App has a team of fraud specialists who investigate suspicious payments and work to protect users from scams. If you report a suspicious payment, they will be able to take steps to protect your account and help you get your money back.
While it is generally safe to receive money on Cash App, it’s important to be aware of the risks involved. By following the tips above, you can help protect yourself from scams and fraud.