A fraud at Zelle refers to an unauthorized transaction. In case one or more payments are made from your bank account using Zelle or from your Zelle account and you weren’t involved, immediately report to your financial institution or connect with Zelle. This may have happened because someone gained unauthorized access to your account resulting in loss of financial assets from your bank account. In other words, it is stealing from your bank account and since the transaction was made without your permission, banks typically return the funds to your account after looking into the matter closely.
How to Prevent Fraud?
Zelle ensures the safety of your account and assets by not compromising on the security level at any step. Apart from this, there are a few measures that you can take to ensure safety at your end. These are:
- Your account is password protect and it is advised to set up a strong password. You can maintain the safety of your financial assets on your end by not sharing your password with anyone.
- Neither Zelle nor your financial institution calls you asking for your password or authentication code that you receive on your phone or email. So if you receive such a call, please don’t share any information. This is sensitive information and can be use to access your account and make unauthorized payments resulting in your financial loss.
- Change your security settings to enable multifactor authentication if your account supports it. When this setting is enabl, the identity of the sender is verified a second time using the authentication code.
You experience a scam in your Zelle account if you are trick into authorizing payment for a service that they do not intend to provide. As you gave authorization to the transaction, Zelle or your financial institution doesn’t assure you that you’ll get your money back. Scammers keep on finding exclusive ways to trick you and steal your money. Generally, they target the aged people as it is easy to win their trust but this can happen to anyone at any point. But you can always protect yourself by knowing what to look out for and be alert while authorizing a transaction.
What to look out for?
Users are generally attract when they are offer a Lottery or Prize via email or social media. This is mostly a trap set up for you by a scammer. Imposter scammers can pretend to be a reputed service provider or someone you know and can trick you. Someone can put up a false advertisement on the internet for goods or tickets or any other service and can attract you with mouth-watering deals.
Pay it Safe with Zelle
While using Zelle, make sure you are making a transaction to someone you trust. Scammers may influence you into something you don’t want to by baiting you. If you get ever get scam, immediately contact your financial institution or credit union and you can pursue legal action against the scammer. Zelle advises to look after all the aspects before authorizing a transaction so that you do not get yourself into any sort of trouble especially with the financial matters.