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The email alleges that the buyer paid using a Zelle business account and that the seller must also upgrade to a Zelle business account to receive payment — for a fee of a few hundred dollars.
This is how Bank of America described it in one email to customers: Customers get a text that looks like a fraud alert from their bank, asking about a suspicious transaction from their bank account.
Scam and fraud claims from Zelle users are on pace to increase 183% at four banks her office surveyed, from more than $90 million in 2020 to more than $255 million in 2022.
"The FTC recently released data that shows consumers lost $8.8 billion last year to fraud, a 30% increase from the year prior," said Debt.com chairman Howard... 8 Most Common and Dangerous Zelle ...
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 ...
As the use of Zelle and subsequent cases of fraud on it platform continue to rise, it’s only right that Zelle be beholden to similar refund standards and protection as individual banks that own ...
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