Romance scams reached a record $304 million in losses reported to the Federal Trade Commission in 2020. Your report can help them protect others from this ridiculous scam. Also, if you’ve paid someone to join this game, contact the FTC at ftc.gov/complaint. The FTC advises that if an offer comes to you from a friend or family member, you should warn them. It’s a typical pyramid scheme where you need to constantly recruit more people so that older participants can get paid. That’s when you leave the game or start all over again with another $100 payment. Here’s how it works.Ī person will make a post on social media or even DM you directly with an invitation to join ‘the circle’ by sending $100 through Cash App or some other P2P payment service to the person at the center of an octagon-shaped playing board.īy sending $100, you get one of the eight spots on the outer ring of the octagon, and if you recruit others, you get to move in closer to the center of the board.Įventually, you’re assumed to land at the center of a playing board and collect $100 from each of eight recruits on the outer ring. The FTC is warning people on their website not to fall for this. The only thing that’s guaranteed is you losing your money and pulling in your friends and family so that they can lose some cash as well. It guarantees you a big return for a relatively small investment. This modern take on chain letters is also called ‘infinity loom’, ‘the money board’, ‘blessing circle’, ‘the blessing loom’, ‘giving circle’, or ‘the mandala game’. READ ALSO: Too Many Failed Attempts in Cash App (Easy Fixes) 2. For instance, a popular grift is cash flip. They’ll clean out your account and know where you live, among other things-very dangerous stuff.īecause you’re putting yourself under the spotlight when participating in the giveaway, your Twitter or IG account could become bombarded by scammers that we’re covering on our list. Scammers might also send a fake Cash App link for users to sign into so that they can steal your login credentials and other crucial information. And, because Cash App transfers are instant, there’s no way to cancel the transaction or get the money back. Once the victim transfers the money, the scammer blocks them from their social media account. Instead, they’re asking for $10, 15$, or $20, which is more likely to get transferred to them by victims. They’re not asking for massive amounts because no one would fall for that (probably). People trying to win the official prize will get contacted by fake Cash App staff telling them that they won the award but need to “pay a fee” to get the prize released. So, now that we know what the Cash App Friday giveaway is, let’s look at the scam. Prize winners are notified by receiving a direct message from Cash App to their Twitter or Instagram account to request their full name and address.Your odds of winning depend on the number of eligible entries received. People can also retweet Cash App’s Twitter post with their $Cashtag in order to win the money. To win, users comment on Cash App’s Instagram or Twitter post with their $Cashtag and usually a more or less intelligent and valid reason to get the attention of Cash App staff. The giveaway’s hashtag is #CashAppFriday. Every Friday, 10 people can win $500 each, 20 people $250, and 100 people $100. What started accidentally when Twitter and Cash App users started asking strangers publicly for money by posting their $Cashtag, grew into an official Cash App giveaway. Something as popular as the #CashAppFriday giveaway held by official Cash App Instagram and Twitter accounts was bound to become a breeding ground for scammers. #CashAppFriday □ /cnXuri3Zvj- Cash App May 28, 2021
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