Zelle is an easy way to send money instantly. The convenience features of repaying someone for lunch, sending money to a friend or family member and the benefit of not having to carry cash around are great. However, attackers also love that money can be sent instantly, and in real time. Fraudulent Zelle transfers are becoming a target among fraudsters. Read on to learn some tips about deterring fraud when using Zelle!
Pay only those you know and trust
Zelle is fast and easy. As a result, you should only use Zelle to pay only those you know and trust. Do not use Zelle to pay a stranger, or someone you do not know. Why? Paying someone you do not know personally may be tied to a scam.
A scam is where someone is trying to trick you into paying them money for a product or service that you will never receive. A scam only benefits the scammer. The scammer will always promise that it is the truth and will give you every “guarantee” needed for you to trust them. What should you do? Slow down. Call someone you know and trust like a family member, friend, co-worker and WBT. Always remember, if a deal sounds too good to be true, it probably is.
Think of Zelle like cash
It may seem strange to think of Zelle and cash together. However, with the movement of Zelle transfers instantly, and in real time, think of just like cash. If you give cash to a stranger, it is impossible to get it back if the other person does not want you to have it back. Zelle is similar; the money moves directly into the other person’s bank account. With this in mind, it is always a good idea to ensure you are sending to someone you know and trust and that the recipient information is correct. Make sure you type in the correct phone number or email address.
Read the warnings when sending to someone new
Are you sending money to someone new? Be sure not to miss this popup when adding a new Zelle recipient. It will appear similar to this one.
Safely Send Money Video
Zelle created this short, 90-second video, on how to send money safely. Check it out here to learn more about using Zelle safely.
The Science Behind Scams
Finally, Zelle also collaborated with Vox, a media company, to create this series on how to spot and identify scams. This great resource highlights the tactics the fraudsters use to convince you to give them what they want. Check out the series here.
Wilson Bank and Trust is here for you. Should you need help, please do not hesitate to reach out to us online at wilsonbank.com, our mobile app, or call us at (844) WBT-BANK (844-928-2265).
Have another thought, tip or suggestion? Leave it in the comments below. I would love to hear from you!