CHATTANOOGA, Tenn. (WDEF)- Cash App, Venmo, Paypal and Zelle are all ways for people to transfer money online or create a secondary bank account.
but, one Chattanooga man says that he was scammed big time on Cash App and now, he’s out of $2,000.
Edward King had been using his cash app card for quite some time before he became the latest victim of a scam.
His cash app was hacked and now the scammers are receiving all of his deposits.
Edward says that he was using his cash app debit card as his bank account and now the scammers have gotten all of his stimulus checks and any other deposit that has been made to him.
King contacted the company about the incident and after an investigation, he’s even more upset.
King says, “They haven’t reached back out to me. They did a 30 day investigation and they came back and basically said that they didn’t believe me. I got a police report. So, I’m going to try to email them the police report so that they can do something then.”
Chattanooga police sent us a statement saying:
“Any app is risky to attach bank account information or to use that as a checking account. They are much more susceptible to a breach than a traditional bank. We have also not seen a high number of this type of incident (yet).”
King has one warning for Cash App users.
“Be careful because it’s people out there they can get into your account. They don’t need your card. I still have my card. But, they are out there so just be careful because they can get you”, adds King.
We reached out to the Better Business Bureau and they have seen an increase in the number of money transfer scams.
Jim Winsett, President of the Chattanooga Better Business Bureau says, “It’s an ongoing trend right now. I would say that just because there are so many cash apps that are popular today and different ways to transfer money between accounts so, unfortunately, when things grow in popularity, that’s when the fraudsters look for those opportunities.”
If you think that you’ve been a victim of a potential scam, you should contact your local law enforcement.