Zelle Fraud on the Rise. How to protect yourself…
According to a US Senate report , incidents of fraud and scams are growing on the peer to peer (P2P) payment service Zelle . Large banks partly own Zelle and have been reluctant to reimburse defrauded customers.
P2P services like Zelle, Cash App, Venmo and PayPal all make sending people money easy from your bank account/credit cards but they have risks. If you plan to use any P2P apps, we recommend you only send money to people you know and can verify. Set up separate bank accounts and/or credit cards just for these services to limit your exposure and do NOT connect debit cards.
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