Beware of money transfer app scams

Don't Waste Your Money

Money transfer apps turn your phone into a checking account. They’re easy to use, but they are not as safe as a bank account.

Many people are dumping their bank accounts for money transfer apps on their phones. Unfortunately, as one woman just learned, these apps are easy targets for scammers.

Corinthia just saw her monthly rent money and more disappear in a flash when a scammer got access to her Cash App account. “It began with an email, and it said $499 would be withdrawn from my account.”

Worried, she called the phone number in the email, and got a friendly phone agent. “He told me to download this app so he could look into my account and see what happened.”

But the friendly agent was not really with Cash App. As soon as she opened up the cash app for him to see it, he transferred $1,600 to some in Canada.

“$4 is what’s left in my cash app account now,” Corinthia said.

With so many of these scams, it turned out the victim called the scammer, thinking they were with Cash App. They then give the person their account number or let them remotely take control of their phone.

Earlier this summer, Mark Fisher Googled Cash App customer service, called, and had his account drained by a scammer. “And then I got hung up on. $3,400 missing.”

Remember, money transfer apps like cash are convenient, but don’t have FDIC insurance or bank protections.

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