Phone scams steal tens of billions of dollars from American consumers each year — including $46 billion in the first half of 2023 — and they often use legitimate, trustworthy businesses as disguises for their schemes. Bank and payment fraud scams like those impersonating Zelle are among the most dangerous forms, as they often appear to come from the real financial companies you trust with your money.
Just one successful scam can give criminals access to your private data, your financial accounts, and even your identity, so knowing how to protect yourself is critical. Fortunately, with the right preparation and a trustworthy scam blocker like Robokiller, you can keep yourself safe from serious consequences like financial loss and identity theft.
Read ahead and find out how to protect your privacy, money, and security from Zelle scams.
Like other phone scams, Zelle scams aim to steal personal and financial information that can be sold on the dark web or used to hack into the victim’s accounts. Although the details may vary, Zelle scams typically follow the same basic structure:
Zelle scams use many of the same social engineering and phishing methods seen in other types of scam calls and spam texts. Get to know the common tactics so you can spot them before they do any damage.
Zelle may send notifications to customers via text or email, so it’s important to know the difference between legitimate alerts and fraud attempts. Watch out for these red flags:
Scammers often pose as payment apps like Venmo and PayPal as well as more traditional banks like:
Zelle text scams are dangerous and commonplace, but the good news is that they can be easy to spot if you know what to look for. The sooner you recognize a scam in action, the better your chances of getting out of it unscathed. Read ahead and learn about some common Zelle text scams to watch out for.
In a Zelle account takeover scam, a fraudster locks you out of your Zelle or online banking accounts by changing your login information. They may acquire your credentials through a data breach, purchase them on the dark web, or solicit them through a phishing or smishing scam. Once they break in and change your email address, username, or password, the scammer can use your finances or credit without interruption.
Never give out personal or financial information like bank account details or login credentials, and be sure to use strong, unique passwords. If you fall victim to an account takeover scam, contact the provider of the account and let them know about the fraud. Follow the necessary steps to prove your identity, regain access to your accounts, and remove fraudsters.
Many banks, credit unions, and online payment platforms offer mobile updates like transaction alerts. These are automated email or text notifications that occur when you send or receive money. Fraudsters send fake transaction confirmations that prompt you to respond “No” or click a link if you didn’t authorize the transaction.
If you respond or click the link, the scammer will ask for identifying information they can use to access your accounts.
Banks and payment platforms like Zelle do not solicit personal information over the phone. If you get a notification about a transaction you didn’t authorize, log in to your official online banking website or app to see if it actually happened. If the unauthorized transaction really occurred, contact Zelle or your financial institution at a publicly verifiable number; if it didn’t, you can delete and report the message.
One common Zelle scam involves a fake message regarding suspicious account activity or a possible fraud attempt. The scammer instructs you to protect your money by moving it from your potentially compromised account to a “safe” account where criminals can’t get to it, but it really goes right to the scammer. This type of scam is especially dangerous, as it can empty entire savings in one fell swoop.
You’ll never be told by your bank or Zelle to transfer money to a safer account or send money to yourself. If you get an unsolicited call, email, or text directing you to transfer money to another account, report it to the authorities. If you have transferred money to a scammer, notify Zelle and your financial institution immediately.
You can’t stop scammers from pulling their schemes, and legislation only offers so much protection. That’s why it’s important to bolster your Zelle security and protect your finances and private information.
Follow these tips and practice proper cybersecurity hygiene when using Zelle:
Transferring money using a payment app like Zelle is an almost immediate process that’s nearly impossible to reverse, making it an attractive platform for scammers. Since these transactions are essentially like digitally exchanging cash, it’s crucial that you only engage in them with people you know and trust. Always verify the recipient’s details, and never send money if your gut tells you something’s off.
If you get a call or text claiming to be from Zelle, your bank, or another trusted entity, check the number using Robokiller’s phone number lookup tool. Remember, legitimate texts from Zelle come from a five- or six-digit short code like 20736 or 767666.
Falling victim to a Zelle scam can be scary, but there are steps you can take to remove scammers’ access to your accounts and recover money lost to fraud.
It’s important to report scams immediately so you can limit the damage and recover your money as soon as possible. Report Zelle scam attempts to the appropriate authorities, any financial institutions that may have been involved, and Zelle.
If you act quickly, you can recover lost funds and prevent the scammer from doing any additional damage. Follow these steps:
Under Regulation E (a federal regulation that manages the electronic transfer of funds), banks aren’t legally required to refund customers who sent money or private information to scammers; Zelle made this policy change of their own volition. Regulation E does require banks to refund customers for fraudulent charges if they were related to a hacked account or the actual theft of financial information or bank cards.
Zelle scams are a constant threat to your privacy, security, and financial well-being, so it’s vital to understand how to protect yourself. By recognizing the warning signs, practicing proper cybersecurity hygiene, and installing a reliable scam blocker like Robokiller, you can keep scammers off your phone and out of your private accounts.
Thanks to a unique algorithm fueled by artificial intelligence (AI) and machine learning, Robokiller stops 99% of harmful spam calls and scam texts from getting through to your phone. Our award-winning scam blocker has saved consumers $740 million in prevented losses to phone fraud.
Protecting your financial cybersecurity requires proactive steps and a vigilant mindset. Take back your privacy and virtually eliminate phone fraud when you start your free 7-day trial of Robokiller.
Zelle text scams are fraudulent texts that claim to be from Zelle, your bank or credit union, a government agency, or another trustworthy person or institution. They aim to elicit your personal or financial information or trick you into transferring money directly to the fraudsters.
Fraudulent Zelle texts come with many of the same red flags as other scam texts, such as a false sense of urgency, suspicious links, and requests for personal information. Whereas Zelle scams often come from 10-digit phone numbers, legitimate Zelle texts come from short codes like 20736 or 767666.
Don’t answer suspicious texts that claim to be from Zelle. Check for the warning signs of a scam, and block and report the text if you notice red flags. Never give away personal information or transfer money in response to an unsolicited text, even to return money that was “accidentally” sent to you.
Keep your financial information safe from fraudsters by choosing a strong password, using biometric logins like Face ID and Touch ID, and enabling two-factor authentication (2FA) whenever possible. Avoid sharing personal information over the phone, and never transfer money unless you know and trust the person on the other end.
Zelle can refund money if you’re scammed, so let them know about fraudulent or unauthorized charges right away. You may also need to file a claim with your bank. Be sure to notify your local police as well as the FTC and IC3 if you’ve lost money or personal information to a Zelle text scam.
