HUNTSVILLE, Ala. — According to Redstone Federal Credit Union there has been a dramatic increase in the number of its members that have been scammed using Cash App.
Because it is quick and easy and has few safeguards, it is a common target for scammers. They also use it because it is incredibly difficult to recover your money since Cash App emphasizes to its customers that payments are instant and usually can’t be canceled.
“Typically, when they send the money, there is very little recourse we have in getting the money back,’’ said Jonathan Kirby, Redstone’s Vice President of Security and Investigations.
Some of the scams include asking you to pay before receiving an item, posing as customer service, selling fake tickets, or asking you to put down a deposit on a puppy that doesn't exist.
Here are some ways that the Redstone Federal Credit Union says you can protect yourself:
- Only send payments to people who you trust
- Verify and double-check all recipient information before sending any payment to confirm you are sending money to the correct person
- Don’t send money to someone promising something in the future (like free money in return, for example)
- Set up two-factor authentication
- Don’t use to buy products or services
- Remember that the Cash App team will never ask customers to send them money, or ask for a customer’s PIN or sign-in code outside of the app.
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