You might be wondering what cash is flipping. In this article, you're about to learn and understand the unethical side of it. Have you ever received a direct message from random users on Instagram, Twitter, or any social media platforms about people offering to cash flip your savings? These people claim that they can double your money to even 10x your money.
Well, the truth is, you're talking to the wrong people. It would be best to speak to leaders and people who will guide you into earning your own money rather than simply giving you money. That's a fairy-tale.
Back in the days, the Nigerian prince scam was widespread, and many unsuspecting people fell victim. Believe it or not, people worldwide have lost over $700,000 within the past year because of the Nigerian prince scam. That's right. People are still susceptible even today.
Because scammers have gotten smarter, you will have to be extra cautious.
In 2019, people and banks lost a total of $146,898,217 due to scams. The number of reports is astounding. There were 167,802 reports.
Here is everything you need to know about cash flipping, and this is how you can avoid it.
What Is Cash Flipping?
Cash flipping can be defined in many ways. The best way to describe this is that it's a type of scam that you should avoid. It's the fastest way to lose your savings. Believe it or not, there's an average of 590 searches per month just for this question alone. This means that people are still curious if it's legitimate. To save you time and trouble, it's not.
You can tell from all the Quora answers. If it sounds too good to be true, it's not. Every single solution on there already said that cash flipping is a scam. There's no magic to it. You will only lose, and it's worst losing your money than seeing your stocks tank.
How Does Cash Flipping Work?
This can happen in various ways. The scammer will usually ask you to PayPal them, Cash App, Venmo, or any payment methods online. They can contact you through social media, email, or phone calls asking for your debit card information. This is something that you should NEVER do. Once the scammer collects the money or personal information from you, you won't ever hear from them again.
Is Cash App Flipping Legit?
The idea of flipping money isn't real unless you're reselling real merchandise or day trading stocks/cryptocurrencies. If the scammers can make magical money appear, then what's the point of them asking people to pay them. You know the answer. Another thing is NEVER to pay another online stranger through Cash App simply because you won't be able to recover your money once it's sent. They also have barely any customer support. I was on the Cash App Reddit browsing and noticed many people getting scammed every day. Don't be gullible when it comes to paying people online.
At least with PayPal, you have the option to chargeback if you don't receive your product. Even so, it would be best if you never believed in easy money because there's no such thing unless you win the lottery.
Is Cash Flipping Illegal?
Yes, cash flipping is VERY illegal. These scammers are not only taking people's money, but they're also stealing their personal/sensitive information. For more information, visit fraud.org.
How Can I Make $5,000 Fast?
Unless you're a celebrity or already rich enough, you can't make $5,000. If you're thinking about doing something illegal, think twice. No, feel more than that. You're not only hurting innocent families, but you're also hurting yourself. There are ways to make money online, though, and that's what this blog is all about. The journey gets more manageable. I can promise you that. If you invest in knowledge and going through trial and error, you will succeed. It's not easy, but it's do-able. Have you ever heard of the law of averages?
If you fail enough times, eventually you will succeed.
Start on a niche you're passionate about, fail, get back up, and continue your path to success.
Top Cash App Scams
With so many scammers nowadays. It's best to take in this knowledge to avoid future scams and better understand the situation. According to usa.gov, these are the top scams currently. While many more unique cons aren't listed here, it's best to be extra cautious regarding these types of things. You'll never know until you're trapped in a situation where you feel incredibly helpless. Trust me. You do not want to be in this situation. Stay aware of these:
- Coronavirus Scams
- Ponzi Scheme
- Charity Scams
- Investment Scams
- Census Fraud
- Phone Scams
- Ticket Scams
- Pyramid Schemes
- Lottery Scams
- Government Grant Scams
- Banking Scams
There have been hundreds of thousands of cases regarding these scams. It's even on the official government website to warn people. Unfortunately, this is happening every day and ruining innocent people's lives.
Related: Cash App Scams To Avoid
Ways To Avoid a Cash App Scam
- Don't give out your personal information to ANYONE: Giving out your data can result in a scam, which is also a huge red flag. Your banks will NEVER contact you for your banking information. The best way to confirm that it's them calling you is to call the official number.
- Do business the right way: When you're doing business with another person, don't ever send through Venmo, Cash App, or Zelle. They're not used for that reason. To have a smoother safe transaction, my recommendation is to use PayPal because you will have the option to chargeback when dealing with a potential scammer. With the other platforms, there's no option to chargeback. Don't ever send as 'Friends and Family' on PayPal.
- Confirm and double-check before giving out your personal information: Believe it or not, there are scammers calling people every minute of the day. They will tell you that they're working for the government, your bank, or anything that can get you to give them your personal information. You should always double-check and call back the official number of those companies.
Conclusion For "What is Cash Flipping"
Overall, this is unethical behavior, and I feel it's best to warn innocent people. If you believe that this could help a friend or family, feel free to share this article.
For more scam-related content, check out:
- Amazon Credit Builder Scam
- Is Omaze a Scam?
- Types of Shady Message Scams
- Will Cash App Refund Money If Scammed Online?
- I Got Scammed on Cash App: What Do I Do?
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