Avoid these red flags for safe money transfers
The convenience of Zelle allows users to send, receive, and request money within minutes. This real-time service can be great for the user, but also makes it a primary target for scammers. Scammers will always take advantage of new payment technologies to catch unsuspecting consumers. Zelle is particularly vulnerable for the very same reason consumers love it—it’s instantaneous. Keeping the red flags in mind and following the tips below on how to use Zelle safely will help protect you … and your money.
To Zelle or not to Zelle... ?
Did you get a call from your bank’s fraud department? Did it come from a number you recognize? Be cautious of spoofing. Oftentimes, scammers send text messages to bank customers and make it look like it’s coming from their bank’s fraud department.
The text often states that bank customers need to verify transactions related to Zelle. If customers respond to these messages, they get a call from the scammer using a spoofed number that resembles their bank’s number. During this call, the scammer will attempt to have the customer give access to their online account, either by clicking a link sent in the text, changing the customer’s contact information, or even asking for login credentials.
If you receive one of these calls or text messages, DO NOT share your online banking access information. At FNBMD we never ask for that type of information, so whenever you are in doubt, call us first!
Watch for these red flags
- No additional payment options other than Zelle. (Most reputable businesses offer multiple payment options.)
- Receiving an email, text, or call to confirm large or fake Zelle payments
- A request to send a rushed payment or transfer.
- A notification that your account has been hacked.
- Instructions to send money through Zelle by a “Bank employee” or someone you do not know.
In any of these situations, you should hang up (or not respond to the text) and further investigate the information you received. If you find unauthorized transactions, report them to the bank immediately using the telephone number available on our webpage.
How do you Zelle safely?
Zelle is a convenient way to transfer money and can be used safely by following some basic principles:
- Only use Zelle with people you know and trust.
- Verify you have the right account by confirming the phone number or email with the recipient before sending money.
- Send a small amount of money first and ask the person to confirm receipt before sending the full amount.
- Sign up for alerts from your bank as well as multi-factor authentication.
- Use your secure home internet connection or your cellular connection to avoid security gaps in public Wi-Fi.