Cash apps like Venmo, Zelle and CashApp are great for their convenience. But as with all things involving money, scammers are lurking in the shadows. Here’s how to keep yourself (and your money) safe when using cash apps.
The sad truth about cash apps is that once the money is sent, it’s pretty much gone. As NBC News notes, under the current law, once money is sent it’s an “authorized transaction,” and there is no legal way to retrieve the funds. That means the more detail-oriented you can be, the better. Before you send money, triple check usernames, phone numbers, everything. If you can confirm that you’re sending money to the right person with a picture on their profile, even better.
One big red flag that you’re hooked into a cash app scam? You’re using it to purchase something from a retailer. Retailers typically don’t use cash apps for the legal reasons cited above.
An easy way to make sure you don’t get involved in a cash app scam is to only use the apps for transactions with friends and loved ones. Never send money to a person you don’t know personally.
One tactic scammers are using with cash apps is to promise a large sum of money later, in exchange for a smaller sum now. Essentially, someone will message you claiming that if you send $50 to them today, they’ll send you $500 in a week. Obviously that money never comes. Once again, never trust anyone you don’t know with your cash app funds.
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