B&J Bookkeeping & Taxes loves to warn all of our readers and clients on the latest scams out there. They can range from insurance to Amazon to tax scams to basic payments. This one takes advantage of the latter. Below we will show you why should beware of the small business cash app scam.
What is the Cash App?
The Cash App is a third party payment app that is used to allow users to send and receive money to each other. It is a legitimate third party payment app available for iPhones and Andriods, as well as other devices. In addition to payments, you can also perform certain bank functions, buy stocks, or even send cryptocurrency. It is a popular choice for its ease of use and low fees. You may find out more by visiting their official page.
Other similar apps include:
- PayPal.
- Venmo.
- Google Wallet.
- Apply Pay.
- Square.
- and many others.
However, most if not all of these apps require you to enter your email and/or your cell phone number. Scammers rely on this.
The Cash App Scam
Our scammer began by contacting us on our email that we had linked to our Cash App account. As a small business, we have to accept many forms of payment – including this one. However, the email read very odd. It started with a strange Subject and From Email:
The subject was: You received a direct deposited $Ourname————XXX988
The email was from: nooreply@v8s.XXXXXSSSS.us via newjersyXXXX.classmarket.uk.com
The subject alone has typos and didn’t bother to separate our name. The email is not from any variation of “cash.app,” or the official site of the app.
It continued:
Email Number #5
( Regarding Your funds confirmation)
Hi, OUR CASH APP EMAIL
We’re having some trouble to deliver your $1000.00 To Your CashApp® Account.
Please complete your contact info to make sure is properly delivered to you. We will contact you using this information
This email is intended for:
Email: OUREMAIL
( Regarding Your funds confirmation)
Hi, OUR EMAIL
We’re having some trouble to deliver your $1000.00 To Your CashApp® Account.
Email: OUR EMAIL
Date: Thu, 18 May 2023 02:05:45 +0200
Statu: Pending confirmation
Cash: $1000.00
This transaction will remain Pending until your confirmation.
Note: No paid involvement is required to receive this reward.
It ended with a button that says “Confirm here” that we most certainly DID NOT click on.
How to Avoid The Cash App Scam
As above, do not click on any links in a suspicious email. We simply went directly to our Cash App account to see if there indeed was a $1,000 transaction that was pending and needed our approval. We also checked around the office to see if there was an outstanding debt in that amount. There was none.
We ended up reporting the email user and blocking them. However, that will only help a bit until the next scam.
Houston Small Business Bookkeeping
One of the best ways to avoid the small business cash app scam and others is to use a bookkeeper for all your outstanding and paid invoices. We are experts in avoiding scams like this and will protect your hard earned funds. Feel free to contact us to learn more about our small to medium sized business bookkeeping services.
