# Bank Payment App Zelle Users Losing Millions Due To Scams



## OneEyedDiva (Apr 28, 2022)

Zelle is a reputable app used by banks such as Chase and TD Bank, Bank of America and several others as well. But people have fallen victim to scammers who claim to be bank employees, asking them to transfer money via Zelle to keep their accounts safe. Now you know and I know, no legitimate bank representative is going to call or text and ask you to do that. Periodically banks even send out emails saying they'd never do these things and warning of scams.  I saw on GMA about a teacher who lost $3,000. I"d assume a teacher has some smarts. I don't understand why someone wouldn't call the bank to verify that the request is legit before transferring money, especially such large amounts.  Congressman Melendez and Congresswoman Warren have put Zelle's parent company on blast for not addressing this fraudulent activity that has affected "nearly 18 million people." It is highly unlikely any of them will get their money back. 
https://www.menendez.senate.gov/new...n-failure-to-address-consumer-fraud-and-scams


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## GoneFishin (Apr 28, 2022)

Thats why I don't use and never will use a smartphone, computer or a cordless phone to do my banking.


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## OneEyedDiva (Apr 28, 2022)

GoneFishin said:


> Thats why I don't use and never will use a smartphone, computer or a cordless phone to do my banking.


And that's your choice. My BFF will never do it either. I've used my computer and tablet for years and never had a problem GF.  The problem is not taking the time to add protections that frankly are suggested by banks, like two factor identification and choosing a secure, hard to guess password. I trust online banking way more than getting my statements in the mail. Too many times I've gotten other people's mail and others have gotten mine. And again, not enough can be said about verifying directly with the bank before transferring money.


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## Geezerette (Apr 28, 2022)

* I*f I get any weird emails etc I go to the source, call whatever agency they are supposed to be from. I ignore weird phone messages, don’t answer unidentified numbers. I know where my 3 grandsons are and if they need bail, their wives can provide it. If they are going to arrest me, come ahead! I take security precautions on the tablet and phone. 
I also minimize risk by only dealing with 2 banks & 2 credit cards.


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## dseag2 (Apr 28, 2022)

Thanks @OneEyedDiva for posting this.  It was the only news story I watched this morning.  I use Zelle for my Bank of America and Wells Fargo accounts.  Like @Geezerette I never respond to suspicious calls, texts or emails and always go directly to the source.

I sold 2 tickets on Ticketmaster and received an email saying they needed my bank account info and routing number to deposit the money.  I went directly to their site to verify they indeed required this.  So many scams these days!


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## Don M. (Apr 28, 2022)

I guess we're a bit "old fashioned"....we still use paper checks, and the only "electronic" banking we do is to check our bank and credit card statements every few days.  

However, we've probably lost out on huge amounts of money by Not sending a couple thousand dollars to a site in Zambia, so they can begin processing several million dollars they are holding for us.


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## Jeni (Apr 30, 2022)

dseag2 said:


> Thanks @OneEyedDiva for posting this.  It was the only news story I watched this morning.  I use Zelle for my Bank of America and Wells Fargo accounts.  Like @Geezerette I never respond to suspicious calls, texts or emails and always go directly to the source.
> 
> I sold 2 tickets on Ticketmaster and received an email saying they needed my bank account info and routing number to deposit the money.  I went directly to their site to verify they indeed required this.  So many scams these days!


Yes it sometimes takes time...... but verifying is the best move and not from whatever email/ text etc you get but a phone or contact from the source......
I think many fall for it under the idea they are too busy to verify ....
Last year under the assumption that EVERYONE was expecting a package ... i got random texts almost daily ........ saying my UPS or FED EX or Amazon package was diverted if i just clicked a link and gave they info....
I had no packages coming ....
 i deleted and blocked if possible but could imagine for the millions who were waiting for a package may tap on a link before they THINK.


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## dobielvr (Apr 30, 2022)

I've been considering using Zelle.  Although, I am concerned about all of this.
I don't usually respond to phone call scams, so hopefully I can decipher the ones that might come across my Tracfone
as such.

I've been procrastinating for the last few months...


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## OneEyedDiva (May 1, 2022)

dobielvr said:


> I've been considering using Zelle.  Although, I am concerned about all of this.
> I don't usually respond to phone call scams, so hopefully I can decipher the ones that might come across my Tracfone
> as such.
> 
> I've been procrastinating for the last few months...


As long as you secure your accounts, you shouldn't have a problem. I noticed last week that Zelle fixed the issue I had with them which was not giving the option to use a different bank to send money.  A few years ago I used Zelle a couple of times to send money to my son from TD Bank. When I went to use Zelle with another bank, I got a message saying I couldn't because I was using it at another institution.   Not long after that, my family started using Cash App, so I was no longer concerned about using Zelle. Last week, my granddaughter needed money and she wanted us to use Zelle. For the amount needed, I preferred to use my main checking account, though we've always been satisfied with using Cash App. During the "process" I got a pop up from Zelle that gave me the option to change the bank I wanted to use. I didn't see that option when I used Zelle before. I changed from TD to my main account and got a message from TD that they were notified of that change. So lesson here is sign up for Zelle with the account you are most likely to use it with.


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## Aunt Bea (May 1, 2022)

I've been curious about Zelle and other similar apps.

How do you test the connection between you and the other party before attempting to send a significant amount of money?


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## OneEyedDiva (May 1, 2022)

Aunt Bea said:


> I've been curious about Zelle and other similar apps.
> 
> How do you test the connection between you and the other party before attempting to send a significant amount of money?


Aunt Bea...Zelle works using the person's email address or telephone number.  I don't blame you for wanting to test it out before sending a large amount.  Since Zelle is free, I'd start by sending a couple of dollars. Of course you need to make sure you enter your payee's information correctly. If they are in your email and/or phone contacts already, their information should come up automatically. Since I don't bank using my phone...just my desktop or tablet, I'll be using the email option. Here's an excellent article with all you need to know.  @dobielvr 
https://www.mybanktracker.com/checking/faq/zelle-pay-limits-274406


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## JonSR77 (May 1, 2022)

OneEyedDiva said:


> Zelle is a reputable app used by banks such as Chase and TD Bank, Bank of America and several others as well. But people have fallen victim to scammers who claim to be bank employees, asking them to transfer money via Zelle to keep their accounts safe. Now you know and I know, no legitimate bank representative is going to call or text and ask you to do that. Periodically banks even send out emails saying they'd never do these things and warning of scams.  I saw on GMA about a teacher who lost $3,000. I"d assume a teacher has some smarts. I don't understand why someone wouldn't call the bank to verify that the request is legit before transferring money, especially such large amounts.  Congressman Melendez and Congresswoman Warren have put Zelle's parent company on blast for not addressing this fraudulent activity that has affected "nearly 18 million people." It is highly unlikely any of them will get their money back.
> https://www.menendez.senate.gov/new...n-failure-to-address-consumer-fraud-and-scams



Thanks for mentioning this, I will share around to folks I know..


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## JonSR77 (May 1, 2022)

General FBI Link on Scams and Safety...

https://www.fbi.gov/scams-and-safety

+++

FBI on 
Financial Institution/Mortgage Fraud

https://www.fbi.gov/investigate/whi...FBI is committed to,has entrusted to its care.​


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## OneEyedDiva (May 2, 2022)

JonSR77 said:


> Thanks for mentioning this, I will share around to folks I know..


You're welcome of course. And thank you for your link about financial institution frauds.


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