With that in mind, organizations like Square as well as celebrities and other notable figures are trying to lessen the pain for some by giving money away using P2P payment applications such as Cash App, Venmo and PayPal through promotions on social media sites like Twitter and Instagram. What’s changed, however, is the opportunity provided by the economic fallout of COVID-19.Īs unemployment “ permeates the economy,” with over 30 million individuals filing for unemployment insurance in the United States between mid-March and the end of April, the economic impact of COVID-19 will be felt for some time to come. In the months since, these scammers have continued their efforts unabated. In a two-part blog series, I highlighted how scammers are targeting Cash App giveaways on Twitter, as well as giveaways on Instagram and YouTube videos claiming to show users how to earn free money via Cash App.

In October 2019, I shared my research into the underbelly of scams on Cash App, a popular peer-to-peer (P2P) payment service operated by Square, Inc., which reported having 24 million monthly active users earlier this year. Scammers have also expanded their preferred platforms to include Venmo and PayPal, alongside the ever-present Cash App.

Now, we’re seeing scammers doubling down on the technique known as advance fee scam or “flipping,” along with more blatant use of impersonation tactics of celebrities and notable figures. In our summary about scammers, we highlighted how they have shifted gears to capitalize on the economic uncertainty posed by COVID-19.

Over the last few months, we’ve outlined how the novel coronavirus and COVID-19, the disease it causes, has been leveraged by cybercriminals, scammers and opportunists seeking to take advantage of global interest, fears and uncertainty surrounding the virus.

The economic impact of COVID-19, which is causing record unemployment, creates a golden opportunity for scammers looking to target vulnerable people desperate for cash to help pay their bills.Īs Cash App steps up the frequency of its giveaways, and celebrities and other notable figures launch giveaways of their own, scammers are brushing off old tricks in a rush to exploit them.

Ubisoft store paypal