🖇 The ‘Zelle Fraud’ Scam: How it Works, How to Fight Back

Most major US Banks offer Zelle so I read this article in order to understand how the scam works. After reading it I realized that this scam would be very easy to fall for if you’re not aware of it. Please take a few minutes to read this article.

Brian Krebs, writing at Krebs on Security

One of the more common ways cybercriminals cash out access to bank accounts involves draining the victim’s funds via Zelle, a “peer-to-peer” (P2P) payment service used by many financial institutions that allows customers to quickly send cash to friends and family. Naturally, a great deal of phishing schemes that precede these bank account takeovers begin with a spoofed text message from the target’s bank warning about a suspicious Zelle transfer. What follows is a deep dive into how this increasingly clever Zelle fraud scam typically works, and what victims can do about it.