Scammers prey on payment app users

Peer-to-peer mobile payment services, like CashApp, Venmo and Zelle are portable, fast and allows users to move money and make purchases with just a wave or a few taps on the screen. Users can avoid touching cash or handing cards back and forth–a major plus during the COVID-19 pandemic–and pay for services or reimburse friends in an instant. As payment apps continue to change the way we handle our money, scammers are also hard at work innovating new ways to swipe our digital wallets. According to the New York Times, “fast fraud” is surging as more users turn to payment apps.

One common CashApp scam involves fake customer support numbers, according to Blackhawk Bank. Scammers list fake phone support numbers for CashApp users to gain access to devices and steal personal information. Users find fake customer support numbers through Google searches, and scammers convince users to download screen-sharing apps to grant them access to devices. Once scammers gain access to sensitive information, they can help themselves user bank accounts.

CashApp users should beware: the real CashApp does not offer phone support, according to the Better Business Bureau.

According to the New York Times, thieves can set up accounts as easily as legitimate users. The popular payment app Venmo, for example, requires just a phone number. That same ease of use lets scammers send requests for money to other users. And lightning-fast transactions create ample opportunity for lightning-fast fraud.

While Square (which owns CashApp), PayPal (which owns Venmo) and Zelle do not disclose fraud rates, experts believe Zelle to be the highest-security option, due to its authentication process and greater legal protections for useres, according to the New York Times. As the biggest player on the market, CashApp is believed to encounter the most scammers.