Zelle is a convenient way of sending money straight from your bank account to another U.S. bank account in just minutes. If you have someone you’d like to send money to without writing a check or racking up fees, you can log into Zelle and send that money directly from your banking app to their account in seconds. However, as easy as that sounds, there could be 5 possible downsides.
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Can you get scammed with Zelle? According to the article, the platform is generally considered a safe, secure way to send money because it doesn’t require the sender and recipient to share anything other than a phone number or email address. But, despite safeguards, some scams can still occur. As a consumer, you should watch for suspicious activities.
In a list detailing the top five Zelle scams to watch out for, Monica warns a scam could start with a text popping up on your mobile phone. The text is purportedly from your bank, and is seeking to confirm that you made a specific transaction and asking you to respond “yes” or “no” about whether it’s legitimate.
“Most Zelle scams are rather simplistic: you might receive a text about a transfer of money that you did not authorize,” she said. “The scammer waits for you to respond, poses as a representative of your bank, and then tricks you into disclosing enough personal and financial information to transfer your funds successfully.”
You should never click a link in a text message or email. When something pops up, call your bank directly instead to determine whether your bank account has been compromised.
