Let’s face it – mobile transactions have become a lot easier thanks to different money transfer apps. But the problem is that this ease has brought about as much evil as good. Everyone loves the convenience of using a money transfer app. But security is still a huge concern even with the convenience.
It’s important that you know some of the main cash app scams so that you don’t fall prey to them. Here they are:
The Buy Online Scam
Most scammers will try and put something for sale online. They will then request you to make payments that have no security online. They won’t opt for a money transfer app that has credible security standing like PayPal or Afriex. Instead, they will opt for one that has no credible background that you can trust for transactions. Don’t fall prey to them when they do this.
Avoid using a no-name app that won’t guarantee your security online. Whenever such scammers do this online, just know that they aren’t going to send you the item they are advertising. Instead, you will lose all of your money in the transaction.
Never send cash to someone you don’t know – no matter how convincing they may seem to be online. Also, note that P2P services are not ideal for buying things online from people you don’t know.
Watch Videos or Download Scam
In such a scam, advertisers will claim that you can make some huge bucks online just by watching videos and downloading different apps. Thus, they might want to send you a link that has some apps or videos. Then you need to watch some of them, and even download others. In return, they give you an incentive of getting just about $25 to $50.
In case you haven’t yet guessed it, then the fact is that you won’t see any payment at the end of it all. Those who are scamming you want you to click on the affiliate links so that they can earn their own cut. Then you stay back there with nothing to show for it other than the time you’ve wasted.
The apps and videos that you click on when hoping you’ll get a bite of the cake net them about $6. But you remain high and dry when they bank in these proceeds.
Pet Deposit Money Transfer App Scam
This scam is one of the most common ones nowadays. It tries to sell you pets at ridiculously low prices. Some prices that you can easily suspect from the word go. People usually fall for such due to the irresistible prices that they share online.
If the deal is too good, then think twice. At least this is what the saying goes like. Therefore, you need to be cautious of unreal prices out there to swindle unsuspecting clients. Most of these scammers will go further to claim that they have some of the most sought-after breeds of pets, including purebred cats and dogs. And to be honest, most of the pictures that they share online are quite heartwarming and inviting. You can easily fall prey to them without even noticing it.
These scammers will request that you send money to them so that they can hold the pets for you. Desist doing this like plague – it is a trap. In the end, you’re sending your hard-earned cash to the scammer in exchange for a cold shoulder.
Cash Circle Scam
This is a modernized version of a chain letter. As complicated as it may all seem, the only thing that comes, in the end, is you parting with your sweet money. Sometimes, they call this scam the blessing loom or the money board.
In this kind of scam, they promise to give you a heavy and mouth-watering return for a tiny upfront investment. And many online users fall prey to it due to their insatiable desires for more money.
Listen, nothing’s coming to you so easily. And if it does, then it’ll probably also go easy too. For the cash circle scam, they tell you that you’ll receive $800, for instance, when you invest $100. They claim that this money comes from other people participating in the circle.
This scam is some sort of pyramid scheme disguised as an investment channel. The only difference with a typical pyramid scheme is that in a pyramid scheme, you might have a chance of receiving your money and some toppings on it. But for this scam, you will receive a total of $0.00.
The Cash Flipping Scam
Another money transfer app scam that you will find online is this one right here. This scam is all over social media platforms and is a get-rich-quick system that will end in tears for you. They tell you to send a specific amount on the money transfer app, then they will double or triple it. This is quite similar to the 419 scams in Nigeria – so don’t fall for it.
Avoid these scams online by limiting your interest for quick and free money. Also, try and always use a credible money transfer app like Afriex.