Ever since technological advancements made online payments more seamless, faster, and nearly anonymous through services like Cash App, there has been an increase in payment fraud.
Even though Cash App is considered safe, the platform’s ease of use and speed in handling transactions make it an easy target for online marketplace fraudsters.
In this article, we’ll discuss the trending Facebook Marketplace Cash App scam tactics to help you stay informed and safe. We’ll also share steps to take if you fall victim to these scams.
Recognizing a Cash App Facebook Marketplace Scam
Facebook Marketplace scammers use many Cash App scam variations, but they all typically follow a similar pattern. These are four common ways a scammer may carry out a Cash App Facebook Marketplace scam:
- Impersonation tactics
- Money-flipping
- Urgent upfront payment requests
- Accidental overpayments
Impersonation Tactics
This type of scam is all about playing pretense. The scammer may impersonate existing businesses on Facebook Marketplace and sell fake or non-existent products to unsuspecting buyers. Once you pay for the items via Cash App, the scammers block you.
Money-Flipping
Scammers may contact potential victims on Facebook Marketplace, offering to double or triple their investments. The scam begins with them asking you to invest a dispensable amount, like $20, through Cash App.
The scammer does the flip and returns the funds promised. Once they gain your trust, they encourage you to send a larger amount of money. If you succumb to this, you’ll lose money and never hear from the money-flipper again.
Urgent Upfront Payments Requests
Scammers sometimes pose as sellers on Facebook Marketplace and list items for sale. When you indicate interest in the product, the scammer will encourage you to quickly pay for it or make a deposit via Cash App so that the item is reserved for you. Once you pay, the scammer disappears.
Accidental Overpayments
When “paying” for an item on Facebook Marketplace, scammers may claim they overpaid you through Cash App. They send a forged screenshot as proof of payment, and ask you to refund the excess. The scam occurs when you process the refund without verifying that you received the payment.
What To Do if You Fall Victim to a Cash App Scam on Facebook Marketplace
If you become a victim of any of these scam tactics, immediately take the following steps:
- Report the scam—Cease communication with the scammer immediately, and report the scam to Cash App via the platform. You can also contact the support team for assistance if you need it
- Change your password—If you suspect your account has been compromised, change your password to a stronger one. Use a password manager to generate a unique password, if necessary. If the scammer locked you out of your account, contact Cash App’s support team to help with recovery
- Report the scam to consumer support agencies—File a complaint with agencies like the Federal Trade Commission (FTC) or the FBI’s Internet Crime Complaint Center (IC3). You can also report the scam to your local police department for assistance with your fraud claim
- Transfer your funds to a more secure location—If you mistakenly give a scammer your personal information, your financial accounts may no longer be safe. Move your funds to high-security storage like FortKnox to keep them safe while your bank and Cash App investigate the claim. It’s better to be safe than sorry
