Here are a few tips to protect your money when using Zelle or any other P2P payment app, plus steps to take if you experience a scam.
Zelle is a peer-to-peer payment network used by more than 1,000 banking apps. Like other P2P services, Zelle makes it convenient to send money to friends and family using their email address or phone number. But as convenient as it can be for you, it’s also that convenient for scammers who want your money.
2. Raise a red flag on urgent payment requests“In general, scammers are often creating a sense of urgency,” says Alexis Castorina, the head of consumer education at Zelle, who is based in Scottsdale, Arizona. Before making a payment, especially if you're feeling rushed, think it through to see if it's legit.
4. Be wary if anyone insists on only using Zelle“When people are really insistent on using Zelle, that’s a red flag for me, too,” says Ellis. If the person claims that payment options are Zelle or nothing, that’s a sign to do some research to make sure the person and transaction are legitimate. It’s a good idea to report the scam to FightCybercrime and to the FBI. Doing so helps prevent others from being scammed, provides information that could be the missing piece of a bigger scam or trend, and helps build the case with lawmakers for better consumer protections, says Burda.
Check out more of this week's best money reads: Business News 2022 Best Cities for Freelancers The opportunity to work from anywhere is indeed enticing to many, and it begs an interesting question: If you could work from anywhere, where would it be?
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