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In other scams, bank customers get an email, text or call from what looks like a person or business they know, urging them to send funds through Zelle. “It’s frighteningly easy,” said Murray.
Consumers enroll in Zelle through one of more than 1,700 participating banks or through the Zelle app, then use it to send money directly from their bank account to another Zelle user's bank ...
Don’t send money to anyone you met online who claims to love you but you haven’t actually met in-person. More From GOBankingRates 5 Expensive Renovations Homeowners Always Regret
From 2022 to 2023, Zelle cut the rate of scams by nearly 50% even as the volume of transactions grew 28%, resulting in less money scammed in 2023 than in 2022, said Ben Chance, the chief fraud ...
The Consumer Financial Protection Bureau said more than $870 million in Zelle-related fraud losses hit ... America clients have embraced Zelle, regularly using it to send money to friends, family ...
Zelle's chief fraud risk manager, Ben Chance, meanwhile, told Fortune that the app is doing everything it can to minimize the risk of scams. He also told the outlet that the best way to prevent ...