Cash app has around 44 million monthly active users, and 13 million have cash app cards, ultimately making Cash App a gold mine for scammers.
Every month thousands of people are being victimized by the scam on the Cash app.
With such an unpredictable financial market, it is always a good idea to learn and be aware of various scams. Today BeBraveBanking will be taking a closer look at the Fake cash app balance screenshot scam. We will be walking you through how it happens, how scammers acquire these screenshots and what to do to prevent it from happening.
Fake Cash app balance screenshot has been around for quite some time now, and fake screenshot scam is one of the most common scams daily app users fail to recognize. Scammers use fake balance screenshots for various reasons, such as to trick you into thinking the payment is pending or wasn’t successful or some time error occurred during payment. Also, fooling you into thinking payment was successful in outlining a clean scam attack.
There are multiple scenarios you can find yourself in, but it is important to remember that whether you receive screenshots by a stranger or someone you used to know, they can be easily edited or manipulated. Unfortunately, you might end up losing money if you are caught in this trap of fake screenshot scams.
How do Scammers Use Fake Cash App Balance Screenshots?
Scammers usually intend to use a fake Cash app balance screenshot in various ways. Mainly scammers begin by trying to trick you into thinking they have sent you an amount that they actually have.
Why would scammer make you think that they have sent you money? Of course, so they can ask for it back and get money out of you.
There are multiple situations that can happen here.
Scenario 1: Pending payment on Cash App
This is very common where scammers pretend to be the right person or are interested in being your “sugar daddy” or “sugar momma” and offer to pay you a monthly allowance.
Without hesitation, they will agree to pay you thousands of amount. They will start by asking for your username or $cashtag and other details, pretending to add you to their account.
After this, you will be provided with a fake screenshot of Cash App to prove that they have already processed the money for you and meanwhile, they will ask you to send them a random amount, like $50 or even $500, to prove yourself that you trust the person who is actually a scammer.
Or they come up with various reasons, such as the account wants to be verified or bank process fees, etc.
The sunk-cost fallacy in Cash app scam:
If you fall victim to this fake screenshot cash app scam at the moment and send out the first payment, then they are more likely to keep asking you for another payment.
Since you are more likely to continue sending them money after the first one, or they might even blackmail you into defaming you. This is the so-called sunk cost fallacy.
After this, your best bet is to abandon a course of action and stop communicating with scammer right away.
Note: If you have already provided your bank details to the scammer for any reason, then contact your bank right away about this incident to further secure your money.
Scenario 2: Failed Payment on Cash App
Scammers may also utilize a fake Cash App balance screenshot to falsely claim that a transaction, such as the purchase of goods or services, was not processed successfully. They will then request that you resend the payment and effectively receive the money multiple times. In return, they may fail to deliver the promised goods or even send an unsatisfactory item.
It is important to be aware of these tactics and exercise caution when conducting transactions through Cash App or other financial platforms. Verify the authenticity of any information or screenshots before proceeding with a transaction to protect yourself from fraudulent activities.
Scenario 3: Successful Payment on Cash App
Utilizing a fake Cash App balance screenshot, scammers may falsely claim that they have accidentally sent money to your account, and request that you return it.
In this scenario, the scammers may employ threats, such as involving law enforcement, to pressure you into transferring the money, which was never actually received by your account.
However, there may be instances where scammers genuinely transfer money to your account. In such cases, the funds are obtained through the use of stolen credit cards.
Upon returning the money to the scammers, they may file a chargeback with their bank, causing you to incur losses of both the original sum sent by the scammers and the money you voluntarily transferred.
How do Scammers Create Fake Cash App Balance Screenshots?
The creation of a fake screenshot is quite simple in today’s times. Tools such as Photoshop, Quick Receipt, Billdu, and Cash Receipt make it possible to produce a screenshot that is indistinguishable from the real one.
Scammers may also attempt to obtain a Cash App balance screenshot from unsuspecting individuals by offering a reward or incentive in exchange.
This too is a scam as the scammers can obtain sensitive information from the screenshot, even if the individual tries to censor the information. In some cases, the edits made to censor the information can also be removed.
How To Know the Difference Between Real and Fake Cash App Balance Screenshots?
To ensure protection from potential scams, it is recommended not to trust any Cash App balance screenshot and instead verify the transaction by checking directly within the Cash App.
A common sign of a fake cash app balance screenshot is that it is cropped or blur screenshot. Sometimes screenshots are of old versions of Cash App.
It is common for one to be unable to differentiate between a real and a fake Cash App balance screenshot. However, this has a really simple solution to this issue. This approach eliminates the risk of falling prey to scammers and being misled.
How to Avoid Cash App Scams?
To avoid falling victim to scams, it is important to be cautious when using Cash App for payments. As Cash App transactions are instant and irreversible, it is crucial to follow some basic guidelines.
These include:
- Only send money if you know the person in real life.
- Avoid sending money to someone who makes unrealistic promises, such as guaranteeing free money.
- Verify the identity of the recipient by checking their profile.
- Carefully review the recipient’s details before sending money to ensure it is sent to the correct person.
- Once again, Only send money to people you trust or are familiar with.
- If a situation seems too good to be true, it probably is.
- Do not share your Cash App information with strangers.
- Consider using PayPal, which offers Purchase Protection coverage.
Other Similar Cash App Scams
Scams come in various forms and can be cunningly devised or excessively obvious, but their purpose remains the same, to deceive people and relieve them of their money. Craigslist remains a prime platform for scams, as well as various deposit scams, including the fake Cash App balance screenshot. Such scams can involve transferring a deposit for securing a pet or rental property, among others. There is also the romance scam, where a fraudulent individual poses as an overseas worker, such as an engineer, soldier, volunteer, or doctor, and gains the victim’s trust and affection before requesting money for fictitious surgeries, fees, penalties, and travel expenses. These scams can take weeks to unfold, and the scammers use emotional tales to justify their requests.
What Should You Do if You Get Scammed on Cash App?
If you are a victim of such a scam, Perform the following steps in the Cash App to report the payment issue:
- Tap the profile icon
- Tap on “Support”
- Select “Report a Payment Issue”
- Choose the payment
- Follow the prompts
Additionally, you can also report the profile of scammer on the cash app with the follwing steps:
- Launching the Cash App
- Choosing a Customer Avatar to view their account or search for it by typing a $Cashtag, Email, Name, or Phone Number
- Tapping on ‘Report’ or ‘Block’
- Selecting one of the options
- Continue following instructions on the screen.
Further, we suggest that you contact the Cash support agent at https://cash.app/contact.
Report Cash app scam on the phone
You can reach Cash App Support by calling 1 (800) 969-1940. They are available Monday through Friday, 9:00 am to 7:00 pm EST.
Report Cash app scams on social media
Here are our official social media accounts:
Instagram: @CashApp
Twitter: @CashApp @CashSupport
Tiktok: @CashApp
Twitch: twitch.tv/CashApp
Reddit: u/CashAppAndi
Facebook: SquareCash
Report Cash app scam by mail
You can reach out to cash app by mail and provide details of the scam at the following mailing address: Cash App. 1455 Market Street Suite 600 San Francisco, CA 94103
Conclusion
It’s crucial to educate yourself about the various scams being circulated on social media or financial apps like Cash App, Chime, Zelle, Venmo, etc. Scammers are constantly coming up with new ways to trick people, but the fake Cash App balance screenshot remains a classic.