Use Caution on Cash Apps
Cash apps like Zelle and Venmo give you convenient ways to transfer money to loved ones at the push of a button. Unfortunately, such simple features also attract scammers to the platforms.
These scammers use a variety of tricks to drain your accounts. Here are a couple to look out for when using cash apps.
Account Takeover
Account Takeover is when a criminal gains access to your account, either by hacking or getting your login credentials. Once inside your account, the thief finds a card or bank account paired to the cash app. Then, the criminal transfers money to another account under their control.
To prevent Account Takeover:
- Don’t share login information with anyone
- Look out for new account information you didn’t add
- Don’t pair cards or accounts to the app
Imposter Scams
The thieves don’t always break in – sometimes they trick you instead. Scammers might pretend to be merchants, friends or family members asking for money. If you send them the money, it’s unlikely you’ll see it again.
To avoid imposter scams:
- Look for inconsistencies in the imposter account
- Check for merchant complaints on Google
- Contact the real person to verify their request
“Zelle Yourself” Scams
These scammers are scary because they’re clever. The scammer pretends to be your bank and calls you to say someone drained your account via Zelle. Then, the scammer tells you to Zelle yourself money to cancel the unauthorized transactions. Unfortunately, you’re actually sending money to an account the scammer created to look like you.
To beat “Zelle Yourself” scams:
- Verify if “unauthorized transactions” are real
- Know your bank won’t ask for money to stop fraudulent transactions
- Never send money to yourself
Cash apps can still be great tools. We just want our members to be cautious while using them. After all, your family’s financial safety is our number one priority.
To increase your security even further, download our new CardControl “R” app and deactivate compromised cards with a single tap.
