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11/26/2021

Cybercriminals continue using Zelle to scam victims

SC Magazine

Last week, popular peer-to-peer payment (P2P) service Zelle experienced a hit from cybercriminals, who drained funds from accounts.

Zelle is partnered with dozens of banks and credit unions. The most recent attack was based off a phishing scam with a spoofed text message from the target’s bank warning about a suspicious Zelle transfer. The bad actors then sent out text messages about suspicious bank transfers as a pretext to get unsuspecting people to call back or respond by text.

“Despite widespread publicity of the scams involving the Zelle money transfer service, hackers continue to use social engineering to break into accounts. While the results aren’t in the range of the millions of dollars that ransomware attackers are demanding, individual losses can easily be in the thousands, said Saryu Nayyar, CEO of Gurucal.

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