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How money payment app scams are swindling money

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Avoid Money App scams

Money App has grow to be a preferred money-transferring app much like Venmo and Zelle, Kurt “The CyberGuy” Knutsson reports.

Money App has grow to be a preferred money-transferring app, much like Venmo and Zelle. Because it was created nearly ten years ago, it has been a straightforward way for many individuals to quickly transfer money. Nevertheless, the Higher Business Bureau is now warning against the app, as many individuals who’ve used it have had serious issues. 

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What does Money App allow you to do? 

Money App means that you can send and receive money, stocks and Bitcoin. Many are drawn to the undeniable fact that Money App is free to download and use. Nevertheless, there are fees for certain features. For instance, there may be a fee for an quick deposit and a fee for using a bank card. There are also fees for purchasing and selling Bitcoin through the app. 

Money App has grow to be a preferred money-transferring app, much like Venmo and Zelle. Because it was created nearly ten years ago, it has been a straightforward way for many individuals to quickly transfer money
(Cyberguy.com)

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Money App also means that you can keep a balance in your account. For those who have no money in your Money App account balance, you’ll be able to go for the next: 

  • Link to one in every of your existing bank accounts
  • Deposit money into your account through participating retailers
  • Arrange a direct deposit using your checking account and routing numbers
  • Due to the benefit and quick gratification, many individuals have opted to make use of Money App over other money-transferring apps. Nevertheless, many are learning the hard way that it might not be value it.  

What issues have been happening with Money App? 

Money App has nearly 1,000 complaints through its Higher Business Bureau profile. A lot of the complaints are related to Money App’s lack of help when its users experience fraud with their accounts. Although Money App claims on its website to have “encryption and fraud detection technology” and coverage from the FDIC for as much as $250,000 in fraud cases, users’ complaints are saying otherwise. 

Woman looking at an iPhone

Woman an iPhone
(Cyberguy.com)

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1000’s of persons are said to have had money taken from their Money App balances and can’t appear to get Money App to assist get their money refunded. Many either have not heard back from the app in any respect when reaching out for help, or the app will deny people’s claims of fraud altogether.  

Some are even saying that Money App has claimed to haven’t any record of their accounts in any respect or that it guarantees to provide people’s a refund inside a certain quantity of days, after which never doing so. 

 Some common Money App scams include:  

  • Scammers posing as celebrities or public figures on social media and asking for payment via Money App
  • Someone posing as a representative of Money App asking for private information or payment. Money App won’t ever ask on your password or PIN
  • Phishing attempts, resembling text messages or emails look like from Money App, yet containing links to fake web sites.
  • Offers of free money or gift cards in exchange for private information or payment 

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Learn how to protect yourself from fraud in money-transferring apps 

To avoid falling victim to a Money App scam, follow these guidelines to reduce your risk: 

  • Try not to maintain a balance in your money-transferring apps: You’ve a significantly better likelihood of being helped by your bank or bank card company in terms of fraud than you do from a money-transferring app.
  • Never send money or give your credentials to anyone you do not know, including anyone claiming to be from a government agency or banking company.
  • All the time confirm a recipient’s information before sending them money, and at all times confirm the identity of the person you’re sending money to.
  • Never click on links from unknown sources, especially when an email or text appears to have come from the Money App. Protect yourself from by chance clicking malicious links by running antivirus software in your device. See my expert review of the very best antivirus protection on your Windows, Mac, Android & iOS devices by searching ‘Best Antivirus’ at CyberGuy.com by heading to my site at CyberGuy.com/LockUpYourTech.
  • Have a look at the safety settings that Money App offers, and be sure they’re all set to the very best and most protective settings.

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Turn notifications on so that you simply’re alerted at any time when activity happens inside your app.

Two things to also take into accout: Be cautious of any offer that seems too good to be true, and skim reviews and rankings before downloading any money-transferring app, to see whether it’s a great option. 

Man typing on laptop

Man typing on laptop
(Fox News)

Was this beneficial? We might love to listen to about your experience with Money App or every other money-transferring app. 

For more of my suggestions, subscribe to my free CyberGuy Report Newsletter by clicking the “Free newsletter” link at the highest of my website. 

Kurt “CyberGuy” Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life higher together with his contributions for Fox News & FOX Business starting mornings on “FOX & Friends.” Got a tech query? Get Kurt’s CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.

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