How to Recover From a Cash Flip Scam
One might think that scammers would set their sights on wealthy people. After all, the more money someone has, the more money he or she can send you, and once the victim discovers the deception, he or she might just say, “Fool me once, shame on you, fool me twice, shame on me,” and not pursue legal action. While wealthy seniors are frequent targets of romance scams and financial abuse by family and so-called friends, fraudsters also have a great measure of success with the least wealthy 99 percent. Financial desperation is a strong motivation to make risky investments and believe promises that are too good to be true. Cash flip scams are an especially insidious type of fraud, and they have become popular on social media. If you get scammed, you might be embarrassed and not want anyone to know about your mistake, but it is important to be honest about it with parties that can help you move on from the financial losses, with or without getting the money back from the scammer. A Philadelphia debt relief lawyer can help you if you are reeling after losing money in a cash flip scam.
What Is a Cash Flip Scam?
A cash flip scam is when someone, usually a social media influencer or a stranger who contacts you online, asks you to send money by Zelle or some other app-based platform. The scammer promises you an unusually large return on investment and assures you that you will receive the payoff soon. Cash flip scams often impose short deadlines, saying that the offer is only available for a short time. For example, a scammer might promise that, if you send $500 to them on Zelle by midnight tonight, you will double your investment and receive $1,000 by the end of next week. After you send the money, the scammer ghosts you. Since you sent the money willingly, Zelle is unlikely to refund it, and your bank is unlikely to treat it as an unauthorized transaction.
Honesty Is the Best Policy When You Are a Victim of Fraud
No one likes to admit that they were fooled so easily into sending a substantial amount of their hard-earned money to someone they barely know. If you want to repair the damages that a cash app scam has done to your finances, though, you must be honest and admit that you willingly participated. You should contact the police, the Consumer Financial Protection Bureau, your bank, and a consumer law attorney and tell them the truth about what happened. They will each respond differently and give you different advice; the police care more about identifying the scammers, whereas a consumer law attorney cares more about budgeting for the near future and repairing your credit score.
Contact Louis S. Schwartz About Getting Out of Debt
A Philadelphia consumer law attorney can help you if you lost money because of fraud and are trying to put your finances back together. Contact Louis S. Schwartz at CONSUMERLAWPA.com to set up a free, confidential consultation.