Is Cash App $100 to $800 Flipping a Scam or Scheme?
Scams are getting very popular on all such money transfer applications including Cash App Plus Plus and this flipping is also a scam. In this flipping scam, someone will ask you to send them $100 on Cash App and in return, offer you double, triple or sometimes $800 money. The scammers will adopt different methodologies to convince you to send them this money and they make excuses like, “I am from a big company and will offer you double the amount for it” and to make it look more legitimate.
Scammers will often send you a small payment too. Beware of such scams as Cash App only offers giveaways like #CashAppFriday and #SuperCashAppFriday, which can be a source of targeting people by scammers too. This type of scam is very much similar to Nigerian 419 Scam and Sugar Daddy Cash App Scam, and we have written this article to make you better aware of the scammers around you.
Can You Turn $100 to $800 by Cash App?
The answer is a solid NO! You cannot turn your $100 into $800 from Cash App in any way. This is a very common scam that has been taking over the Internet on platforms like Twitter, Facebook, and Instagram. Such schemes of money conversion will always end up being scams and you will be the one losing your money in this game. You can convert your $100 into $800 by investing in various businesses or IRA or 401(k).
However, sending strangers some amount of money and expecting a double of it is utter foolishness and you must try to keep yourself away from it. You should try to invest your money in something rather than trusting a stranger or instead should look out for the legit ways to get free money on cash app.
Can $100 Be Recovered?
People normally ask you to send them $100 and in return, they will be providing you the double or triple of this amount. People normally do participate in these types of circles. However, it is emphasized that this is a type of a pyramid scheme, normally called The Blessing Loom, and you have almost no chance of getting your stolen money back.
Not only are you risking your initial amount of investment by providing the scammer $100, but also you are putting your Cash App account into the risk of getting hacked. The scammer will never provide you with the double amount and will run away with your investment.
Pet Deposit Scam $800
Have you heard of the phrase “Too good to be true”? Well, this is what this scam is. Scammers will try to sell you pets (cats, dogs etc.) at a price which is literally too good to be true. The prices are so ridiculously low that people without even a second thought, proceed to buy them. Also, sometimes these scammers will also buy a very pure breed of pets which are highly looked after.
This is where they will try to deceive you: they will ask you to send a payment via Cash App immediately, before they give you the pet. They will tell you that they are in possession of the pet and once you send the money, they will send the pet. However, this type of exchange never takes place, and the buyer loses both their money and the pet.
$800 Phishing Scams
Another type of popular scam that is circulating the internet these days is a phishing scam. These websites will ask you for your sensitive information, and will make their websites look extremely legitimate to fool the people into entering it. They normally use a valid SSL certificate obtained from Let’s Encrypt and also have professional looking photos and logos.
They will ask the user for Cash App’s email and mobile number, followed by a second screen asking the user for their OTP. If, in case, you enter the wrong OTP, you will receive a text declaring that your OTP is invalid, further developing the trust of the user into the legitimacy of the website. Never enter your personal data on such sites as these are always scams and you will end up losing your account.
Where Should I invest My $100?
You can invest your $100 in a lot of ways including:
- You can open an IRA.
- You can utilize some of your shares to buy stocks.
- You can open an emergency fund.
- You can also invest these $100 in a stock index mutual fund or exchange-traded fund.
- Using a micro-investing app or Robo-advisor will also prove to be helpful.
If I were present in the same scenario as any other person and was asked by a stranger to send them $100 in return for double or triple of that amount, I would never give it as it was way too risky. I would rather invest my money in any of the options mentioned above than blindly sending it to a stranger whom I don’t know nor trust.