How Zelle Scams Work and How to Protect Against Them
Zelle is a popular payment service that allows people to send money to friends, family, and businesses quickly and easily. With its ease of use and convenience, it’s no wonder why it has become a prime target for scammers. In this article, we will explain how Zelle scams work and provide tips on how to protect yourself against them.
How Zelle Scams Work
The most common Zelle scam is the “overpayment” scam. In this scam, the scammer poses as a potential buyer or seller and offers to pay more than the agreed-upon price for an item or service. The scammer will then ask the victim to send the excess payment back to them via Zelle.
The victim will receive a notification that the payment has been completed and will send the excess payment back to the scammer. However, the original payment was fake or fraudulent, and the victim is left out of pocket.
Another Zelle scam is the “verification” scam. In this scam, the scammer creates a fake Zelle account and contacts the victim claiming that their account needs to be verified. The victim is then asked to provide personal or financial information to complete the verification process.
Once the scammer has the victim’s personal or financial information, they can use it for fraudulent activities.
How to Protect Against Zelle Scams
Here are some tips on how to protect yourself against Zelle scams:
- Always double-check the payment amount and the recipient’s information before sending or accepting a payment.
- Beware of overpayments or requests to send money back to the sender. If something seems too good to be true, it probably is.
- Do not give out personal or financial information to anyone over the internet or phone. Zelle will never ask for this information.
- Verify the legitimacy of the person or business you are dealing with before sending or accepting payments.
- Set up two-factor authentication for your Zelle account. This will provide an extra layer of security.
- Monitor your bank statements regularly to ensure there are no unauthorized transactions.