11/25/2024

Zelle Scams Are On the Rise—How to Spot Fraud and Ways to Keep Your Finances Safe

Woman's World

Sending money to other people has never been easier. Whether paying for goods and services or sending money to someone for a special occasion, Venmo, CashApp and Zelle can transfer your money in minutes. However, these platforms also give way to fraud and theft. With Zelle scams on the rise, keeping your finances safe is more important than ever. Keep reading to hear from experts about how to spot fraud and tips to protect your money. 

How does Zelle work?

Zelle is a peer-to-peer transfer service that enables people to send and receive money via an app by using a phone number, username or email, explains Elizabeth Ayoola, a personal finance expert at NerdWallet. It’s a convenient way to send money because it’s fast and free. 

“The  Zelle  network connects more than 2,200 bank and credit union brands of all sizes, enabling consumers and businesses to send digital payments to people and businesses they know and trust with an eligible bank account in the U.S.,” adds Denise Leonhard, general manager of Zelle.” Money is available directly in bank accounts within minutes when the recipient is already enrolled with  Zelle.