Money transfer apps are rapidly replacing checking accounts these days, especially for people who don't want to handle cash during this pandemic.
Unfortunately, as one woman just learned, these apps are easy targets for scammers.
Corinthia, who asked that we not use her last name, 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"It began with an email, and it said $499 would be withdrawn from my account," she said.
Out of worry, 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."
However, the friendly agent was not really with cash app. As soon as she opened the cash app for him to see it, he transferred $1,600 to someone in Canada.
"$4 is what's left in my Cash App account now," she said.
With so many of these scams, it turned out the victim called the scammer thinking they were a Cash App representative. They then give the person their account number or let them remotely take control of their phone.
Mark Fisher Googled Cash App customer service, called and had his account drained by a scammer in earlier this summer. He lost more than $3,400 within seconds!
Cash App now states on its website:
"Please note that there are currently no phone numbers that you can call to speak with cash support. No one representing cash app will ever ask for your sign-in code."
We contacted Cash app on the chance they can help Corinthia recover her money.
Remember, money transfer apps like Cash App are convenient, but don’t have FDIC insurance or bank protections.
So be careful, so you don’t waste your money.
Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
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