Peer2Peer and cashless payment systems provide an all too necessary way to cover the cost of goods or services without having to ante up by passing around cash amongst friends at dinner or digging around your purse in the store.
Pioneers like Zelle, Venmo, GreenDot, Google Pay, Apple Pay, and Samsung Pay have made the transition seamless by allowing account holders to just attach their favorite debit card or bank account with transactions clearing anywhere from seconds to just two business days.
However, CashApp, the electronic payment system popular amongst Millenials and GenZers, has become the target of hackers around the world recently, giving them access to potentially millions.
According to sources, sites on the dark web are selling people's accounts to whoever is willing to pay for them. Oftentimes, the CashApp account comes complete with the stolen credentials that give the hackers access to the debit or bank-linked accounts with guaranteed funding of as much as $5,000 each. Usually, by the time the victim figures out that they've been scammed, the "CashTag" information will have already been sold to at least four other users.
One such victim was a minor, taken for an undisclosed amount during a family vacation with his grandparents. Another had nearly $3,000 stolen in real-time via a link to a fraudulent customer support page.
CashApp scams also include methods such as:
- Fake social media giveaways
- Accidental account payments
- Fraudulent security alerts
- Unsolicited CashApp cards
- Cryptocurrency schemes
- Targeted email notifications
As the hackers play cat and mouse with the bank accounts and identities of millions, only a small percentage of the victims will ever see their money again.