• Latest

Zelle Scam Cleans Out the Bank Accounts of Unsuspecting Victims

June 18, 2019
2023 Fraud and Payments Report Highlights Shift in Fraud Trends

2023 Fraud and Payments Report Highlights Shift in Fraud Trends

June 4, 2023
New Podcast Episode: Walls of Thieving Cellphones with Nethone

New Podcast: The science of behavioral analytics: Will the consumer revolt?

May 31, 2023
Fraud Score: How to Lower Transaction Risk

Verosint and ID Dataweb Deliver First Adaptive Identity Proofing Solution

May 30, 2023
How Generative AI is Changing the Face of Ecommerce Fraud Prevention

How Generative AI is Changing the Face of Ecommerce Fraud Prevention

May 22, 2023
Download the 2023 Consumer Payment Trends Report

NEW REPORT PUBLISHED: Consumer Payment Trends Report 2023 – Key Takeaways for Merchants

May 17, 2023
customer experience, CX

How to Combine Dynamic Friction and Fraud Scores to Reduce Churn and Customer Insults

May 15, 2023
10 Best OSINT Tools

Veridos Introduces VeriGO MobileTravel Assist

May 15, 2023
Beyond Just Technology: Building an Anti-Fraud “Ecosystem”

Beyond Just Technology: Building an Anti-Fraud “Ecosystem”

May 1, 2023
$1.4B in Suspected Wire Fraud Identified by CertifID in 2022, Report Finds

$1.4B in Suspected Wire Fraud Identified by CertifID in 2022, Report Finds

April 21, 2023
One in four U.S. consumers impacted by identity theft in 2021, Aite-Novarica consumer survey finds

Influencer Insights: What are the biggest fraud trends from Q1 2023?

April 13, 2023
Meet the vendors at MRC Vegas 2023: Dodgeball and Kipp

Meet the vendors at MRC Vegas 2023: Dodgeball and Kipp

April 24, 2023
Don’t Get Blindsided by a Post-Holiday Season Chargeback Surge

Don’t Get Blindsided by a Post-Holiday Season Chargeback Surge

April 9, 2023
  • Contribute
  • Contact Us
  • About
  • Join Us
  • Advertise
Tuesday, June 6, 2023
Merchant Fraud Journal
  • Home
  • Articles
    • Chargebacks
    • Fraud Prevention
    • Influencer Insights
  • Resources
    • Recorded Webinars
    • Podcasts
    • Vendor Directory
    • eCommerce Fraud Reports
    • Training and Certifications
    • Jobs Board
    • Associations and Non-Profits
  • News
No Result
View All Result
  • Home
  • Articles
    • Chargebacks
    • Fraud Prevention
    • Influencer Insights
  • Resources
    • Recorded Webinars
    • Podcasts
    • Vendor Directory
    • eCommerce Fraud Reports
    • Training and Certifications
    • Jobs Board
    • Associations and Non-Profits
  • News
No Result
View All Result
Merchant Fraud Journal
No Result
View All Result

Zelle Scam Cleans Out the Bank Accounts of Unsuspecting Victims

by Bradley
June 18, 2019
in News

TheDigitalArtist / Pixabay

Zelle, a digital person-to-person payment network used by many known and trusted banking apps such as Bank of America and Chase, has been used by hackers to steal tens of thousands of dollars from the bank accounts of unsuspecting consumers. The trend concerns experts because account holders can become victims without subscribing to the Zelle service themselves. In addition, the ease and success of the Zelle scam currently makes it an increasingly popular tactic for fraudsters.

The spate of attacks comes despite the fact that Zelle claims to be a completely secure payment platform.

“The Zelle app uses authentication and monitoring features to make your payments more secure. So whether you’re using the Zelle app or using Zelle through your bank or credit union’s mobile app or online banking, you’ll have peace of mind,” the company states on its website.

How Does the Zelle Scam Work?

The scam begins with a bank account holder receiving a phone call, supposedly from the bank. Next, the “representative” informs them of a fraud attempt on their account. After that, they receive a text containing a security code. Finally, the representatives asks the consumer to read the code back to prove their identity.In reality, the “representative” is a fraudster.

The security code is all they need to open a new Zelle account in the account holder’s name. They then use it to transfer money to their own Zelle account. Ironically, Zelle’s speed and simplicity make it a great tool for thieves. Access is easy, and transfers occur too quickly for consumers to take action before it’s too late.

Zelle Responds

The network operator behind Zelle, Early Warning Services, LLC., released a statement to respond to the recent attacks. In it, they claim it is the bank’s responsibility to help consumers.

“In cases where a consumer’s bank account or debit card have been compromised, and unauthorized Zelle payments made, consumers have rights under the Electronic Funds Transfer Act,” the statement said. “We recommend they contact their bank immediately to determine an appropriate resolution,” the statement read.”

In addition, several banks that offer Zelle released statements seeking to reassure customers. Often, they emphasize banks’ policies to make customers whole in the case of a fraud attack. For example, Chase bank released a statement emphasizing a commitment to fraud prevention solutions and reimbursing account holders when necessary.

“As with any other fraud, we reimburse our customers for fraudulent activity on their accounts. We’ve made significant investments in fraud detection and prevention technologies as well as customer education to help stay ahead of fraudsters,” the statement said.


Sources:

Zelle

Association of Certified Fraud Examiners

NBC News

ShareTweetShareSend
Previous Post

ECBSV SSN Verification Pilot Program Begins

Next Post

How to Detect Account Takeover Fraud

Next Post
How to Detect Account Takeover Fraud

How to Detect Account Takeover Fraud

Our Latest Reports

2023 Consumer Payments Survey Report

2023 Fraud Trends Report

2022 Chargeback Consumer Survey Report

Fraud Prevention Tactics that Enable Exceptional Customer Experience

Addressing Payment Fraud and The Customer Experience in 2022

2022 Fraud Trends Report

ATO Fraud In Retail Report

2022 Customer Experience Report

3 Ways a Unified Chargeback Management and Fraud Platform Increases Revenue

Digital Trust And Safety Report: Combating the Evolving Complexities of Payment Fraud

On-Demand Webinars

New Trends in The Payments Ecosystem

Balancing Customer Experience and Fraud Prevention: What’s the Secret?

Stopping Fraud Across the Customer Lifecycle

Addressing Payment Fraud and the Customer Experience in 2022

 

Get the 2023 Fraud Trends Report

Search Our Site

No Result
View All Result

Our Sponsors

Featured Directory Listings

  • logo
    NoFraud
  • SEON. Fraud Fighters
  • sift logo
    Sift
  • Signifyd
  • Ekata
  • Microsoft Dynamics 365 Fraud Protection
  • PayRetailers
  • Spotrisk
  • CB-ALERT

Our Sponsors

Fraud Industry News

2023 Fraud and Payments Report Highlights Shift in Fraud Trends

2023 Fraud and Payments Report Highlights Shift in Fraud Trends

June 4, 2023
New Podcast Episode: Walls of Thieving Cellphones with Nethone

New Podcast: The science of behavioral analytics: Will the consumer revolt?

May 31, 2023
Fraud Score: How to Lower Transaction Risk

Verosint and ID Dataweb Deliver First Adaptive Identity Proofing Solution

May 30, 2023

Connect With Us

Quick Navigation

  • Home
  • News
  • Join Us
  • About Us
  • Contact Us
  • Advertise
  • Contribute
  • Privacy Policy

The Payments Media Network

Merchant Fraud Journal
Payments Review

Privacy Policy

Our Privacy Policy
Our Terms of Use

Resources

  • Articles
  • eCommerce Fraud Reports
  • eCommerce Fraud Webinars
  • Training and Certifications
  • Jobs Board
  • Associations and Non-Profits
  • Podcasts
  • Vendor Directory

Popular Posts

  • How to File a Claim With FedEx + What To Do If Claim is Denied

    How to File a Claim With FedEx + What To Do If Claim is Denied

    0 shares
    Share 0 Tweet 0
  • How Does Two-Factor Authentication (2FA) Work?

    0 shares
    Share 0 Tweet 0
  • Top eCommerce Fraud Prevention Companies

    0 shares
    Share 0 Tweet 0
  • How to Fight PayPal Chargeback Fraud

    0 shares
    Share 0 Tweet 0

Featured Vendors

  • NoFraud
  • SEON. Fraud Fighters
  • Sift
  • Signifyd
  • Ekata
  • Microsoft Dynamics 365 Fraud Protection
  • PayRetailers
  • Spotrisk
  • CB-ALERT

Download the 2023 Fraud Trends Report

No Result
View All Result
  • About Merchant Fraud Journal
    • Interested in Contributing or Guest Posting to Merchant Fraud Journal?
  • Advertise on Merchant Fraud Journal
  • Articles
    • Chargebacks
    • Fraud Prevention
    • Influencer Insights
  • Contact Us
  • Download Addressing Payment Fraud and Customer Experience Report
  • Download Chargebacks Consumer Survey Report 2022
  • Download Evolving Complexities of Payment Fraud Report
  • Download Fraud Prevention Tactics that Enable Exceptional Customer Experiences Report
  • Download Merchant Fraud Journal 2023 Fraud Trends Report
  • Download the 2020 Chargeback and Representment Report
  • Download the 2020 Merchant Fraud Journal Vendor Guide
  • Download the 2021 Fraud Trends Report
  • Download the 2022 Fraud Trends Report
  • Download the 2023 Consumer Payment Trends Report
  • Download the 3 Ways a Unified Chargeback Management and Fraud Platform Increases Revenue Report
  • Download the MFJ 2022 Customer Experience Report
  • Download the MFJ ATO in Retail Report
  • Home
  • Job Dashboard
  • Join The Merchant Fraud Journal Community
  • Merchant Fraud Journal Advertising Agreement
  • MFJ Fraud Trends Report Giveaway
  • News
  • Post a Job
  • Privacy Policy
  • Resources
    • 2020 Chargeback Representment Guide for Merchants
    • 2020 Vendor Guide
    • 2023 Consumer Payments Survey Report
    • 3 Ways a Unified Chargeback Management and Fraud Platform Increases Revenue
    • Addressing Payment Fraud and the Customer Experience in 2022
    • Associations and Non-Profits
    • ATO Fraud In Retail Report
    • Balancing Customer Experience and Fraud Prevention: What’s the Secret?
    • Chargebacks Consumer Survey Report 2022
    • Digital Trust & Safety: Combating the Evolving Complexities of Payment Fraud
    • eCommerce Fraud Reports
    • eCommerce Fraud Webinars
    • Fraud Prevention Tactics that Enable Exceptional Customer Experiences
    • Fraud Prevention Training and Certifications
    • How to Build a Recession Proof Chargeback Prevention Strategy
    • How to Stop Fraud During the 2022 Holiday Season
    • Jobs Board
    • Merchant Fraud Journal 2023 Fraud Trends Report
    • Merchant Fraud Journal’s Fraud Trends 2020 Report
    • Merchant Fraud Journal’s Fraud Trends 2021 Report
    • Merchant Fraud Journal’s Fraud Trends 2022 Report
    • MFJ’s 2022 Customer Experience Report
    • New Trends in the Payments Ecosystem
    • Podcasts
    • Prevent High-Velocity Fraud Attacks During the 2021 Holiday Season
    • Stopping Fraud Across the Customer Lifecycle
    • Vendor Directory
    • Webinar – Addressing Payment Fraud and the Customer Experience in 2022
    • Webinar – Mitigating Fraud and Risk on the ACH Network
    • Win January Chargeback Disputes
  • Subscribed
  • Terms and Conditions

© 2021 Payments Media Solutions Canada Inc.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?