Over $10 Billion Lost to Scammers in 2023

Cryptocurrency ranks the highest in fraud.

Over the past decade, scammers have become more clever in the ways they con you out of money. Gone are the days of receiving an email from a Nigerian Prince requesting your bank account information to deposit millions of dollars into it.

As technology continues to advance, so does ways scammers can steal your money. But with so many new scams gripping the nation, how can you tell if it’s a scam or not? NexTier Bank is here to help.

As your premier, locally owned and managed Community Bank, we are committed to keeping your financial and personal information safe, communicating the latest scams fraudsters are launching, educating you on how to report fraud to the FTC, and how to contact us if you suspect fraud on your account.

Here is the latest scam fraudsters launched — Cash App Scam. Although you may not use Cash App, a family member or someone you know might.

10 Cash App Scams: How to Spot the Red Flags

1. CRYPTOCURRENCY SCHEMES: Cryptocurrency (such as Bitcoin) is a common target for Cash App scams because it is largely anonymous and nearly impossible to recover. Scammers will use hacked social media accounts to launch Cash App scams by sending messages promising HUGE returns on small cryptocurrency investments, but you never see a return!

2. ROMANCE SCAMS: Romance scams can start from multiple different sources, but they all end the same. A scammer will pretend to be a potential companion and dangles the prospect of meeting in person, but a problem will always come up. If you are asked to send money through Cash App to buy a plane ticket so you can finally meet, know that it’s a SCAM.

3. IMPERSONATING CUSTOMER SERVICE: A scammer will contact you via phone, text message, messenger, or email pretending to be a Cash App Customer Service Representative. They will try to get your passcode and one-time password to access your account where personal bank information is stored. Cash App NEVER contacts its customers for personal login information.

4. PHISHING, VISHING, AND SMISHING: Cash App scammers will impersonate businesses, colleagues, or someone of authority to trick you into giving them sensitive information, such as login details. They might also ask you to click on a provided link that will allow them to gain access to your computer. The message will seem urgent, have bad spelling and grammar, and ask for personal information. BEWARE of these types of messages and NEVER click on any unknown links that allows anyone access to your computer.

5. GOVERNMENT SCAMS: Cash App fraud in the form of the government sending you a tax refund, relief, or any other type of stipend is just that — FRAUD! No government agency will ever contact you through Cash App, or ask you to send money through a payment app.

6. ACCIDENTAL CASH TRANSFERS: A scammer may “accidently” transfer money to you and then ask for it back, plus an extra transfer fee they claim they had to pay. Never return money or cover “transaction fees” for strangers. Always report these demands for reimbursement to Cash App and if you do need to refund someone, use the “refund” function from within the app.

7. INVESTMENT SCAMS: Scammers will contact you pretending to be an investment or financial advisor. They promise big returns if you invest in their company or buy a certain stock through private channels using Cash App. The only person seeing a big return is the scammer when they receive your money! Steer clear of any unsolicited investment offers on Cash App.

8. PET SALE & RENTAL SCAMS: Cash App scams on social media platforms are common. Scammers pretend to have litters of puppies and kittens for sale or an apartment for far less than the current going rate. The asking prices are attractive, as are the photos. You can claim your non-existent pet or apartment by sending a deposit to the scammer via Cash App, but you never receive your furry friend or end up homeless.

9. FAKE CONTESTS: Scammers capitalize on people’s love of discounted or free items. They create fake online deals or giveaways that you’ll have to verify with your Cash App credentials in order to access. Once they have your details, they use them to drain whatever funds you might have in your account.

10. GIVEAWAY SCAMS: Cash App will occasionally give away money to lucky winners on X, formerly Twitter. Scammers set up fake Cash App giveaways using hashtags like #CashAppGiveaway or #CashAppFriday to trick users into thinking they’ve entered and won a legitimate Cash App giveaway. The scammer asks you to verify your account by providing your sign-in code or PIN or by sending a test payment so you can collect your fake prize.

If you think you have been scammed or have debits from your account that you did not authorize, please contact NexTier Bank immediately at 1.800.262.1088 or go to your nearest branch. Fraud should also be reported to the Federal Trade Commission at www.ftc.gov.