PayPal’s Venmo continues to gain ground, reporting more than 20% year-over-year revenue growth in the second quarter.

If you send them $200 through Cash App, for example, they might promise to turn it into $400, $600 or more. Of course, these claims are never real, and you should avoid these offers completely.

In 2022, transaction volume on these apps was an estimated $893 billion, according to the CFPB, and that’s projected to reach $1.6 trillion by 2027. More than three-quarters of US adults say ...