Popular giveaways from Cash App, a well-known mobile payment service in the US, on social media like Twitter or Instagram might have turned into a breeding ground for scammers, according to a recent report by cybersecurity firm Tenable.
Scammers are looking towards capitalising on the #CashAppFriday trend and are stealing $10 to $1,000 from the victims, according to the research report by Tenable. They are using different methods such as phishing, money flipping and impersonation to steal the money from unsuspecting users of Cash App.
“Money flipping isn’t new to social media; it’s been pervasive on Twitter, Facebook, Instagram and Snapchat for years. What makes this particular form of money flipping so nefarious and successful is that it capitalizes on a legitimate giveaway proposition from a reputed company — Square and its Cash App product — and then victimizes people who are hoping to be selected in this legitimate giveaway,” Satnam Narang, Senior Research Engineer, Security Response at Tenable said in the report.
The Cash App Friday campaign was launched by the app as a promotional tool. In this, the entrants have to use their Instagram and Twitter accounts for entering in the sweepstakes by either commenting or retweeting the posts by the company. In lieu of this, the app selects the winners and give them cash prizes. The cash prizes can be in the range of $100 to $500.
According to the research report, these scams target many of Cash App’s followers on Twitter and also those who are following #CashAppFriday promotion.
Through direct messages, the scammers ask the victims, who have engaged in the giveaways and offers them additional rewards if they send them additional money through the Cash App. Some scammers pretend to be the representatives of Cash App and ask for money to verify the details of the victim.
In a continuation of the report, Tenable has listed ways by which Cash App users can avoid from losing their money in the fraud. Ways such as not sending any money to verify, being skeptical of generous social media giveaways such as $900 to first 900 people, money flipping to alter the cash awards, not opening links that are not trustworthy and asking the user to log in through Cash App account and not falling prey to Cash App generator or Cash App hacks that requires the user to install a mobile app and receive free money.