Why You Shouldn't Pay for Anything With Zelle

It is thought that we are too smart, informed, or cautious to fall for scam artists. We all have vulnerable moments when we can slip. That happened a lot on Zelle.

How the Zelle scam works

A common tactic is to send you a text.

The Capital One Bank Fraud Protection Team would like to know if you attempted a Zelle Transfer for $500 on 10-07-222. Should I reply yes or no? Stop texting if you want to opt out of fraud alert.

That message can be legit if you sent money that day. They will contact you if you interact with the message because it is a trap. They have what they need to drain your account if you confirm your usernames or passwords with them.

A trendy scam is selling an item on an online marketplace, but the seller only accepts payments on Zelle. Since Zelle is meant to send money quickly to family and friends, there is no protection that you would expect from credit cards or websites. You can't ask Zelle or your bank to return your money.

What to do if you get a call or text from “your bank”

If you receive a call or text from your bank.

• Be skeptical. Know that your bank will never call you to ask you for your personal information. They already have it.
• Whatever they want, hang up or ignore the text and call the official number. Check with the bank that what you’re being told is indeed true.

If you would like to purchase from an online market.

• If the seller only accepts Zelle, there is a 99.99% chance that it’s a scam. Let it go.
• Ask to use other services like PayPal “goods and services,” where both your money and the seller’s item is protected by PayPal’s third-party money transfer service. There’s a small fee to pay, but it’s worth it.