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Outsmart Bitcoin Scams

Bitcoin scams are becoming more common everywhere, especially across the internet and on social media platforms, and anyone can be targeted by scammers. Cash App is working hard to keep our customers informed about how they can avoid scams.  

What is a bitcoin scam?

Bitcoin scams are schemes designed to steal your bitcoin. They are typically done online via social media, and scammers often prey on how quickly bitcoin can be moved from one person to another. Scammers also take advantage of the fact that bitcoin transactions are irreversible, and they try to instill a sense of urgency to convince you to quickly move your bitcoin into their wallets.

Protect yourself against bitcoin scams

What is Cash App doing to protect my bitcoin from scammers?

Cash App takes bitcoin scamming seriously, and we work to provide a safe environment for our customers. If we notice that you’re sending bitcoin to an address that we believe could be related to a scam, we'll warn you before you complete your withdrawal. This gives you extra time to review your transaction and double-check that you know the recipient.

In certain situations, we may block risky payments that we believe have a high likelihood of being associated with a bad actor. These measures help provide a stronger and safer bitcoin ecosystem for all our customers.

We also educate our customers about common scams and how to prevent them so that you can be aware of suspicious behavior. Outside of Cash App, we’re partnering with the Crypto Council for Innovation (CCI), a global crypto trade association to lead a Bitcoin Scam Prevention Campaign. CCI industry members include Coinbase, Gemini, and Circle.

Best Practices for Keeping your Bitcoin Safe

  • Know the recipient: Make sure you know and trust the person you’re sending bitcoin to. It’s even better if you’ve met them in-person. If someone you don’t know asks you for bitcoin, be cautious and ignore them.
  • Double-check the bitcoin address: It’s good practice to confirm the recipient’s bitcoin address several times. Having even one typo in a bitcoin address means that your bitcoin could be sent to a different recipient. When possible, try to copy and paste your external wallet address or scan a QR code to avoid typos.
  • Do your research: If you absolutely need to send bitcoin to someone you’re not personally familiar with, do some extra research. If they’ve already scammed other people, these details may already be online. If a business you’ve never heard of (like a random bitcoin exchange) is contacting you, check to see if they are legitimate. It could be worth it to check the business’ website or call the business to see if they are who they claim to be.
  • If it sounds too good to be true, it probably is: If someone is promising a big return or a long term payoff from your bitcoin this is probably a scam. If a person or business asks for bitcoin upfront to make money in the future, this is most like a scam also. Remember, if it sounds too good to be true, be extremely wary.
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What to do if you’ve been scammed

Due to the nature of the Bitcoin Network, all on-chain payments are final, and Cash App is unable to reverse or refund bitcoin transactions that you initiate.

You can reach out to Cash Support if you encounter a scam or notice suspicious behavior on Cash App.You can also block individuals on Cash App to prevent future scamming attempts.

What are some popular bitcoin scams?

  • Cash Flip: This is an investment scheme where scammers find you on social media through posts or comments. They try to convince you to send them bitcoin so they can double your investment or “flip it” for you. If someone approaches you with a business deal claiming that they can help multiply your bitcoin, it’s probably a scam.
  • Copycat Giveaways: These scammers reach out via social media pretending that you won a Cash App giveaway. They may ask you for bitcoin or for your personal information in return for a prize.

Remember: Cash App will never ask you for personal information or bitcoin for a giveaway. If someone claiming to work for Cash App does any of these things, it’s most likely a scam.

  • Impersonators: Scammers may reach out to you claiming that they are from a well-known company, government agency, or even claim to be a celebrity. These impersonators may ask for financial support and request you send them bitcoin. They may also claim that you are part of a government investigation, and that they can keep your bitcoin safe. Unless you know and have met the person, do not send them bitcoin.

  • Fake Deposit Reversal Claims: Scammers tell customers they can help accelerate bitcoin deposit reversals that are still pending. In return, these scammers will demand bitcoin for their services. Cash App will never request bitcoin from a customer to speed up transactions.

  • Dating and Romance Scams: This type of scam is a form of social engineering. In dating scams, scammers pretend to be romantically involved with you while telling stories about their financial situation. Eventually they ask for help in the form of bitcoin, ask for your personal information, or they ask to show you how to invest in bitcoin with your money.

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To learn more about different types of money scams unrelated to bitcoin, visit our article: Avoiding Common Scams with Cash App.

For more information on customer support options related to non-bitcoin scams, visit our article: Recognize Scams and Keep Your Money Safe with Cash App.

Bitcoin trading is offered by Block, Inc. For additional information, see the Bitcoin disclosures.

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