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If you use Zelle to pay someone who proves to be a con artist, you have only a slim chance of recovering the money from your bank. The same is true if you send money to the wrong person.
In other scams, bank customers get an email, text or call from what looks like a person or business they know, urging them to send funds through Zelle. “It’s frighteningly easy,” said Murray.
Zelle operates at such a large scale — $806 billion transferred in 2023 — that even a tiny percentage of scam and fraud problems translates into a large amount of money.
Zelle works as a service to move money between linked bank accounts free of charge but doesn’t hold money in your Zelle account. Venmo holds funds in your account that you can access.
• Don't respond to unsolicited emails or requests to send money. • Pay attention to the types of data you're authorizing access to, especially in third-party apps. • Don't use internet search engines to find AOL contact info, as they may lead you to malicious websites and support scams.
A buyer contacts a seller requesting to buy the item and pay using Zelle. If the seller agrees, the buyer asks for the seller’s email address to send the payment. But the buyer does not send ...
Zelle lets you send money directly between linked bank accounts free of charge, but unlike Venmo, will not “hold” money in your Zelle account. With Venmo, you don’t need to stick to bank ...
Zelle allows you to cancel a payment if the recipient isn’t enrolled with Zelle, but it may offer a reimbursement for money you sent to an imposter scammer, depending on the circumstances ...