Watch out for the payment scam on Zelle

We ran across this information and wanted to make sure you were aware of the current payment scam happening on Zelle.  It is not the first, nor will it be the last scam using an online payment system…..so if you aren’t sure about where your money is going, err on the side of caution and don’t hit send!

Zelle® is a fast and easy way to send and receive money with people you know and trust. As always, our clients’ security is a top priority, and we want to make sure you know the red flags that signal scams so you can stay protected. Please watch this educational video from Zelle® and review the information below to learn more about a trending scam.

YouTube Video:

https://www.youtube.com/embed/8Yk9i4uL8dQ?cm_mmc=ENT-Consumer-_-email-_-EC24EM0074_cta_video_hero_eng-_-06381_zelle_scamvid_eng

While Bank of America may send you a text to validate unusual activity, they will never contact you to request that you send money using Zelle® to anyone, including yourself, or to share a code to resolve fraud. If you receive a request like this, it is likely a scammer trying to trick you.

Here are the details of the “pay yourself” scam

  • You receive a text message that looks like a fraud alert from your bank about unusual activity. The text may look something like “Did you make a purchase of $100.00 at ABC merchant?”.
  • If you respond to the text, you have now engaged the scammer and will receive a call from a number that appears to be from a bank.
  • They’ll appear to be a representative from a bank and will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle®.
  • The scammer will ask you for a one-time code you just received from a bank.
  • If you give them the code, they will use it to enroll their bank account with Zelle® using your email or phone number.
  • The scammer now has the ability to receive your money into their account.

What you can do to help stay protected

  • Don’t trust caller ID — it’s not always who it says it is.
  • Don’t share codes based on a call you receive.
  • Don’t be pressured to act immediately.