You are currently viewing Online sales, fraudulent sites, phishing: here are the top 10 of the most frequent scams via payment applications

Online sales, fraudulent sites, phishing: here are the top 10 of the most frequent scams via payment applications

  • Post category:Economy News
  • Reading time:6 mins read

The smartphone has now become an integral part of our lives. We use it for everything and all the time, including making payments or receiving money instantly through apps.

The problem ? These apps are also a very attractive target for scammers, warns ESET, a Slovak company specializing in advanced digital security. The crooks are indeed becoming more and more sophisticated in order to develop new modus operandi. And mobile payment applications like Cash App, Zelle or Venmo – which allow you to send money – are high on their list. And while they have features like authentication or account usage alerts, they don’t protect against fraud.

The top 10 payment app scams

Fraudsters managed to hijack a money distribution platform – Super Cash App Friday – which can be found on the Instagram and Twitter platforms. This is a weekly event (weekly cash giveaway) that allows you to win money. Scammers contact contestants via social media, tell them they’ve won, and then request action to release the funds. This type of fraud ranks number 1 in the top 10 payment app scams in Belgium.

In second position, we find the “fund returns“. Users are contacted and told that if they send a certain amount of money, they will receive more than the original amount. This is obviously a scam.

The “fake brackets“occupy 3e place in the top 10. Scammers create fake social media support accounts or use SEO to create fake websites with fake “Cash App support” phone numbers. These scam sites will end up at the top of search results and when clicked or called, with a real complaint/request, you will be asked for login info. This will allow the fraudster to hijack and erase their accounts.

Sell ​​items online constitutes the 4e most common type of fraud. Fraudsters often try to sell non-existent items online, whether it’s a purebred dog or tickets to a sold-out show. They may ask you for a deposit, or even the full amount, to be sent via Cash App. But unlike using a credit or debit card, there is no buyer protection for the victim.

Then come the phishing messages and vishing calls. You receive emails, SMS and phone calls, which will encourage you to transmit your personal data. The goal of the scammers is to get their hands on information in order to hijack victims’ accounts.

The fake cash app receipts occupy the 6e position in the ranking. Scammers claim to have mistakenly sent money to a victim’s Cash App account and ask them to send the amount back. A screenshot of a fake receipt legitimizes their request.

In 7e position, we find the debit card scams. Cash App offers a debit card option. Scammers can then use previously hacked personal information to register on behalf of a victim and have the card sent to their home. They ask the recipient to download an app and scan a QR code to activate it. These accounts can be used to launder funds from other wrongdoing.

The scam rental properties also becoming more and more common. In many cities in Europe and the United States, finding affordable housing is sometimes rare. Scammers are taking advantage of the growing demand and reposting previously featured apartments and houses asking for “down payments” and/or “application fees” via Cash App.

In 9e position, there are romance scams. Last year, this type of fraud was responsible for losses of nearly a billion dollars, according to the FBI. Via fake profiles on dating sites, scammers gain the trust of their victims, claim to “fall in love” with them, and then demand money via Cash App for expenses such as airfare, medical care, etc Sometimes “good daddy” scammers (called sugar daddy scammers) ask their targets to make upfront payments using Cash App or another app with the promise of receiving larger sums later.

Finally, these are investment scams which occupy the last place in the top 10. This is another high-paying type of cybercrime. It brought in nearly $1.5 billion last year. Victims receive unsolicited emails/messages on social media informing them of fantastic (but fake) and often cryptocurrency investment opportunities. As Cash App can be used legally to buy Bitcoins, it is an all natural avenue for crypto scams.

All these scams are valid on the Cash App application, but also on other types of applications.

How to protect yourself

To protect yourself from scammers, ESET informs, it is particularly advisable to configure the most secure settings if you use the Cash App. The company warns: never click on links and never respond to unsolicited emails, texts or messages. Pay attention to the origin of the mail by looking at the mail server (what follows the @).

Maximize your account security: Enable two-factor authentication in any email account, enable notifications in the payment app to track transactions, and ensure a password is required when checking out. any payment.

Secure your mobile device: add a strong password or PIN and/or biometric authentication to secure the lock screen (lock-screen security).

Never send money to people you don’t trust: beware of even minimal requests for “deposit”, payment in exchange for “free” cash and the like.

Reduce risk: Limit the amount of money stored in your Cash App account, if you use this app. Don’t search for Cash App support on Googl, use the in-app chat function or these official channels.

If you’ve been scammed, report it to the payment app. So the company can try to get your money back or at least help protect other users.