We often believe that scams happen to other people, not us. We think we’re too smart or careful to be tricked. However, everyone has moments when they might let their guard down. It just takes the right situation or timing. Recently, many people have been tricked by scams on Zelle.
How the Zelle scam works
One way scammers trick people is by sending texts that look like they’re from your bank. For example, you might get a message that says:
"FreeMsg: CAPITAL ONE BANK Fraud Protection Team: Did you attempt a Zelle Transfer for $500.00 on 10-07-2022? Reply YES or NO. To Opt Out Fraud Alert Text reply STOP."
If you recently sent money, this message seems real. But it’s a trick. If you reply, the scammers will ask for your personal information to “verify” your account. If you tell them your username or password, they can take money from your account.
Another common scam happens when you buy something from online marketplaces like OfferUp, Craigslist, or Facebook Marketplace. The seller might insist on getting paid through Zelle.
Unlike credit cards or PayPal, Zelle doesn’t protect purchases since it’s meant for quick payments to people you know well, like family and friends. If you use Zelle to buy something and it’s a scam, you can’t get your money back from Zelle or your bank.
What to do if you get a call or text from “your bank”
If you receive a call or text that seems to be from your bank, be cautious. Remember, your bank already has your personal information and will never call or text you to ask for it. If someone does, it’s probably a scam. Don’t respond to the message. Instead, hang up or ignore the text and call your bank’s official number to check if the message was really from them.
What to do if you’re buying from an online market
Be careful if a seller only accepts payment through Zelle. There’s a very high chance it’s a scam. It’s safer to walk away from the deal. Instead, suggest using a service like PayPal’s “goods and services” option. This service protects both your money and the item you’re buying. Although there’s a small fee, paying it is worth it for the safety it provides.