One company does things a bit differently than other peer-to-peer payment apps. Unlike PayPal and Venmo, the service is frequently used by companies and celebrities for contests on social media. If you tweet certain hashtags when a contest is going on, you could end up winning real money.
Unfortunately, there’s a tradeoff for these fun contests. Scammers are also aware of them — and will sometimes try to hijack the hashtag to trick victims into sending money. Tap or click here to see how some of these scams work.
But now, scammers are trying a new set of tricks to steal money from victims. Unsuspecting users are getting “investment requests” that offer a quick way to make money. But if you take the bait, you’ll end up losing money with no way of getting it back. Here’s why.
A bad investment
Investments can be a great way to turn a few hundred dollars into tens of thousands of dollars without too much effort. But we wouldn’t recommend using Cash App to start your investment portfolio — there are just too many scammers!
According to a report from the Better Business Bureau, scammers on Cash App are using deceptive investment schemes to con users out of money with very little recourse.
Here’s how the scheme works: Cybercriminals post ads or images on social media showing piles of cash. The…