Beware, People are losing thousands of dollars to Cash App Bitcoin scams. You can be one of them if you are not aware of how these scams actually work.
Cash App is one of the most popular P2P payment apps out there, people not only use it for sending and receiving money but it is used by many to trade in stocks and Bitcoin.
Cash App offers to buy and selling of Bitcoin, and scammers are using it to their advantage, In this article, I am going to explain how Cash App Bitcoin scams work and how can you avoid them.
Let’s dive in…
What are Cash App Scams?
With the growing popularity of Cash App, it has become the breeding ground of scammers. People have lost thousands of dollars during the recent pandemic to Cash App scams.
This doesn’t mean that Cash App is not a safe platform to use, The reason why Cash App is being targeted by scammers and fraudsters is that the money on Cash App is treated as hard cash.
So if you have sent money to someone on Cash App by mistake you will not be getting it back unless the other person has a good heart. The money on Cash App is also not FDIC insured.
You can also not claim or dispute a transaction if you have been scammed on Cash App. All of these reasons make Cash App the favorite hunting ground of scammers.
Some of the most dangerous Cash App scams include
You can read about the other scams too because unless you know how these scams work, you won’t be able to spot one. So let’s move on to the Cash App Bitcoin Scam.
What Are Cash App Bitcoin Scams?
Cash App allows its users to buy and sell Bitcoin. Once you make a purchase you will be sent a receipt confirming your purchase by Cash App. This Receipt is proof of buying Bitcoin.
Now scammers use this receipt to fool people by making them believe that the purchase has been made on Cash App. Most people would fall for this trap after seeing the receipt.
However, they don’t know that these receipts are fake, scammers use fake Cash App screenshot generators to create receipts or photoshop the existing receipts to fool others.
How do Cash App Bitcoin Scams work?
Cash Bitcoin scams usually don’t involve hacking into your account, so you must be thinking, how can I become a victim of Cash App Bitcoin scams if a person has no access to my Cash App account.
Here is how,
Scammers would hack into the Facebook or any other social media profile of your friends because it is easy to hack a social media profile than to hack your financial platform account.
After hacking your trusted friends’ Facebook accounts they will contact you and start talking about Bitcoin and how they invested money in Bitcoin and got it doubled in a few days.
Now that you know this person very well and he is your friend for a long time, you would definitely believe what your friend or the imposter is telling you. The imposter will then show you his receipts for making money through Bitcoin.
You have no other option but to believe what your all seasoned friend is telling you, the imposter will finally talk you to invest in Bitcoin through him, and the chances are that you will agree to it.
You will then send money to the account that your friend will give you and after some time he will send you a Cash App Bitcoin purchase receipt.
Seeing is believing…
Once you see the receipt you will be satisfied that you had made a real deal, but actually, this is the Cash App Bitcoin scam, you are given the fake receipt.
Reported Cash App Scams
News 3 spoke with Joshua Banks, a Virginia Beach man, who said his family member fell for it and is now out $500.
“A close family member of mine – he was approached by someone that he knows, a close friend of his, pretty, much saying hey man, you know with this Bitcoin mining out here there’s a lot of money that can be made. Supposedly like he took his $500 and was able to make it $10,000,” Banks said. “They were like, you know, I trust my friend more than anybody, I don’t think my friend would lie to me. So he went ahead and sent that $500.”
The so-called “expert investor” signed them up for Bitcoin.
He said it was incredibly convincing because “the mining expert” sends “receipts” from Cash App for all of the transactions. In hindsight, those “receipts” are fabricated and likely photoshopped.
“With so much news around Bitcoin and trading it’s not too far-fetched to believe to some degree, especially when your ‘friends’ are showing ‘proof’,” he said.
It wasn’t until the account was paused, and the individual was asked to hand over more money, that they saw the red flags.
“That’s when we saw that the scammer person started kind of acting different like, ‘well you can’t get your money back until you upgrade the account.’ So from that point on, he knew it was definitely a scam,” Banks said.
How To Avoid Cash App Bitcoin Scams?
Now that we know what are Cash App Bitcoin scams and how they work. We can surely take some serious steps to avoid these scams, these are some pieces of advice that you can follow
- If you want to invest in Bitcoin, Always do it with some renowned platform.
- Never trust someone with your money on Social Media
- Investing with bitcoin is very easy, do it yourself
- If you want to invest in Bitcoin through Cash App, you can do it yourself
- Double-check that you are actually talking to the right person, you can call your friend on his cell phone to verify
- Always check receipts very carefully, there are markers that can point to photoshopped or fake receipts
- Never ever give your money to someone who is promising something in the future (like free money in return, for example)
How to Buy Bitcoin On Cash App?
If you want to avoid Cash App Bitcoin scams, I would encourage you to buy or sell Bitcoin yourself on Cash App. It is very easy, just follow these simple steps to invest in Bitcoin
1- Launch Cash App
2- Tap on the “Stock/Bitcoin” icon located at the bottom of the home page
3- Tap on “Bitcoin”
4- Enter the amount that you want to purchase Bitcoin for
5- Read the summary of your order carefully
6- Confirm the purchase
This is how easy it is to buy Bitcoin on Cash App and avoid potential Cash App Bitcoin scams.
What to Do If You Got Scammed On Cash App?
The first thing that you want to do if you are scammed on Cash App is to change your account’s credentials. After that, you should report the scam to Cash App. Here is how you can do it.
- Tap the profile icon in the top right corner
- Tap Support
- Select Report a Payment Issue
- Select the payment and follow the prompts
Cash App Bitcoin scams are increasing and the risk associated with them is higher because Bitcoin purchases are expensive. The best thing that you can do is to keep yourself informed.
If your friend is telling you a story of how he doubled his money in days on Facebook, it doesn’t hurt to just give him a call and discuss it on the phone, so that at least you know that you are talking to the right person.
I hope you have got information about Cash App Bitcoin Scams and it will help you stay safe, share your experiences with us in the comments as they are helpful to me as well as others reading this blogpost.