Unsurprisingly, Cash App’s legitimate giveaways are a breeding ground for scammers. On Instagram, a recent Cash App giveaway of $75,000 resulted in Instagram limiting comments on the post, showcasing just how popular these Cash App giveaways are. Each week, it is one of the top trends on Twitter, receiving thousands of tweets during each event. Needless to say, #CashAppFriday has been extremely popular. More recently, the company launched another giveaway called #SuperCashAppFriday, offering total prizes from $10,000 to $75,000, depositing anywhere between $100 to $500 into Cash App user accounts. The company randomly selects winners and deposits an unspecified amount of money into their Cash App accounts. The premise is very simple: Cash App will post about the giveaway every Friday using #CashAppFriday or #SuperCashAppFriday on Instagram and Twitter, and users can enter the giveaway by sharing to their story, retweeting or replying to the posts with their $cashtag, a unique ID for users and businesses to make it easier to send and receive money. Since 2017, Square has been running a weekly giveaway to Cash App users under the hashtag #CashAppFriday and, in one instance, #CashAppWednesday. #CashAppFriday and #SuperCashAppFriday Giveaways In addition, I provide guidance and advice on how users of the P2P payment service can avoid being conned. In part two, I provide further details on the tactics used by Cash App scammers on Instagram, as well as examine videos hosted on YouTube, which claim to provide ways to earn “free money” and “hack” Cash App. Here, in part one, I explore how Cash App’s soaring popularity is attracting opportunistic scammers and their methods of operation on Twitter and Instagram. This research is not meant to be a comprehensive overview of all such scams rather it’s an analysis of behavioral trends among a group of scammers targeting the popularity and interest around one particular application. This two-part series details the practices I uncovered while researching these scammers from July to September 2019. For example, Burger King began its Whopper Loans promotion by teasing a giveaway using Cash App. Some consumer brands have also activated marketing campaigns using the service. Music has played a role in fueling Cash App’s popularity, as 200 rap artists have namechecked the app in song lyrics and used the app to give money to fans, whether “ just because,” as Lil B did, or as part of a giveaway promotion for scoring a number one album, as Travis Scott did. The same article notes Cash App has been downloaded 59.8 million times since its 2013 launch, outpacing its biggest competitor, Venmo, which has been downloaded 52.7 million times. According to an August 2019 MarketWatch article, Cash App received a whopping 2.4 million downloads in July 2019. The success of these promotions, in turn, is emboldening an army of scammers who employ a variety of cons to separate social media users from their hard-warned cash.Ī look at the numbers makes it easy to see why Cash App is such a promising target for scammers. The service’s growth has been fuelled by a promotion marketing campaign offering cash giveaways to those who engage with the brand on various social media platforms. Here’s what you need to know.Ĭash App, the popular person-to-person (P2P) payment service application from Square, has been steadily growing since its debut in late 2013. Scammers target vulnerable Cash App users on Twitter and Instagram through fake requests, money flipping and mobile application referrals, while YouTube videos promote fake Cash App generators.
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