Zelle Scams Targeting Bank of America/Wells Fargo Customers & Online Sellers
Zelle, the well-known digital payment app, is mega-popular because of its convenience. However, scammers also find Zelle convenient to use as a tool for cheating people out of money! Keep reading to check out 2 of the most common Zelle scams and learn how to protect yourself:
Zelle Scams Targeting Bank Customers (Bank of America/Wells Fargo)
Step #1 — A fake text message from a bank
Scammers impersonate banks such as the Bank of America or Wells Fargo and send you a fake “security alert” that says you’ve approved a Zelle payment. You’re instructed to reply to the message or phone the provided number if you don’t recognize the payment — which you obviously won’t because it’s fake! Sometimes the scammers will call you directly, too.
Step #2 — A phone call with a fake bank employee
On the phone call (the caller ID will be spoofed as the bank’s name), a scammer will pose as a bank employee and inform you that the email you received means your bank account has been compromised. To stop you from losing all your money, the fake employee will urge you to use Zelle to transfer all your money to your own personal Zelle account.
Step #3 — Losing all your money
The scammers then guide you step-by-step into making a Zelle transaction — to a Zelle account you’re lead to believe is your own. However, although the Zelle account is in your name, it is actually controlled by the scammers and any money sent to this account will go straight…