Social Media Influencers Peddling False Claims of CFPB Payouts from Cash App, Zelle
RALEIGH, N.C. – A wave of misleading information circulating on platforms like tiktok is prompting consumers to file complaints with the Consumer Financial Protection Bureau (CFPB) under the false pretense of receiving payouts from Cash App and Zelle,even if they haven’t been victims of fraud. Influencers are falsely suggesting a financial windfall awaits anyone who submits a complaint, capitalizing on current anxieties about online scams and a recent reduction in CFPB funding.
The scheme centers around the idea that increased complaints will force the payment platforms to issue compensation. One TikTok video from user Graim explicitly states, “Whether it happened to you or not, go put in a claim, because they’re going to have to run you that check.” This misinformation is being monetized, with some influencers selling complaint templates for $77 and credit repair guides for $24.99. Experts warn this tactic preys on individuals already facing financial hardship, offering false hope for easy money.
The surge in complaints comes at a time when the CFPB is facing reduced oversight due to recent funding cuts, creating an environment were such misleading claims can flourish.While legitimate complaints are crucial for holding companies accountable, filing false claims dilutes the system and wastes resources.
Cash App and Zelle both maintain the complaints are based on fabricated settlements. Cash App stated it has “made significant improvements to how we identify and act on customer complaints,” while Zelle said, “Consumers were duped through social media into filing complaints based on a fabricated settlement.”
Delevante, one of the influencers promoting the complaints, alleges that Cash App and Zelle are unfairly targeting him to deflect attention from their own vulnerabilities to online fraud. He did not respond to requests for comment from Consumer Reports,which first reported on the trend.
Authorities advise anyone who has purchased financial products or followed advice from thes influencers to file complaints with the CFPB,the Federal Trade Commission (FTC),and their state attorney general. To strengthen any legitimate complaint, include specific details such as dates, amounts, and supporting bank statements.
consumers can protect themselves from payment platform scams by remaining skeptical of promises of easy money, double-checking recipient information before sending funds, and taking time to verify the legitimacy of online transactions.
