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So, finally, you have heard about the Cash App pyramid scheme. Like many other people, you might be confused and puzzled about the authenticity of this lucrative scheme. If so, don't worry, just read this post as I am going to reveal some facts and also put forward some hidden aspects of this suspicious activity.
There is no doubt that with the progress of time, payment systems have developed. As a result, money management and the task of sending and receiving money has also simplified. But, on the other hand, online payment systems have facilitated the online scam. The sad truth is that cases like hacking, unauthorized access to a bank account, and money stolen have become quite common. Latest, in fashion, the new Cash App scam is on the rise at a stunning level. People call it the money pyramid scheme on Cash App.
A unique thing about this scam is that it seems legitimate at first glance. Plus, many people could be seen describing this scheme as genuine and lawful. Due to which many innocent people get involved in it and end with losing their hard-earned money.
So, let’s understand how exactly it works. To help you understand its working principle, I am going to answer some of the most common questions.
As the name suggests, a pyramid scheme is something like a human chain scheme. Which prompts one person to join a group by paying a fixed amount and bringing in other 3 or 4 persons in the group. Every new member has to pay a fixed amount as a joining fee. And as soon as one current member completes a target of adding new members into the group, he gets $800 or more as a reward money. This is the basic working principle of the money pyramid scheme.
However, different pyramid schemes may have different working principles. In some schemes, a member may have to buy some domestic products while some other groups accumulate money and give it to any member as a loan and earn interest. But, whatever may be the working principle of such a scheme, the Cash App pyramid scheme is illegal. And Square Inc doesn't support such kinds of activities.
Cash App money circle scheme is another name of the pyramid scam. Only the difference is that in a circle scheme, members need to create a circle. And according to reports, each circle may have 7 to 8 persons. Likewise, the pyramid scheme, in this type of scam also members need to pay entry fees and once the target is achieved, the user gets a handsome amount as a reward money. This scheme is also known as the Cash App circle game.
So, the point to bear in mind is that in such a scheme nobody gets anything. "Add people and get money" term is nothing but just a fake and smart trick to lure people to get Cash App free money. However, if you want to earn free money on Cash App, you can read my previous post in which I have explained legitimate ways to get free money on the Square Cash App.
Read More: How to get Cash App free money?
If somebody has approached you to join a circle game in Cash App or a money pyramid scheme, I recommend you to report it immediately to the Cash App support. These are the steps to follow to contact Cash App customer support through the mobile app.
How do I get my money back from a cash app if I was scammed? You might like to ask this question. Here is the reality: Cash App money is not FDIC insured. If you lose your Cash App balance after being scammed, then the chances would be quite less to get your money back. But, in case, if you lost your money from a bank account through Cash App then you can get a refund of your most money (if your bank is FDIC insured). In both cases, you will have to report it to the Cash App.
As you have learned about the Cash App Pyramid Scheme, I hope you will never commit a mistake of joining it. And also, don't forget what I have said, Cash App money circle game, pyramid, and wheel game; all are on the rise in many payment apps as a scam. To discuss this issue in detail, you can contact us. If you wish, you can share your feedback as well in the comment section.