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Zelle? OK to use?
Posted by: samintx
Date: September 21, 2022 09:01AM
I have been reading how Zelle was compromised and want to start mobile check deposit but my bank promotes Zelle. I hesitate. Your thoughts?
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Re: Zelle? OK to use?
Posted by: Acer
Date: September 21, 2022 09:09AM
Zelle is used by scammers because banks also use it, but scammers use everything.

If you do sign on for Zelle, be 100% sure that all requests associated with Zelle (or any payment system) are legitimate. A common scam is to pretend to be from your bank, and ask you to "send yourself money" to "verify things are working." Your bank will never ask you to do that.
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Re: Zelle? OK to use?
Posted by: mattkime
Date: September 21, 2022 09:13AM
Mobile check deposit is unrelated to Zelle.

Zelle is fine to use too, but I'd only use it with close friends and relatives as it provides minimal transaction protections....which is why scammers would like it.



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Re: Zelle? OK to use?
Posted by: Fritz
Date: September 21, 2022 09:18AM
what mattkime says.



!#$@@$#!

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Re: Zelle? OK to use?
Posted by: ADent
Date: September 21, 2022 09:30AM
Any info on where Zelle was compromised?

The big problem with Zelle is it is mostly irreversible.Think of it as more of a cashier's check then a credit card.

If you paid for a used iPad and it turns out to be a box of rocks you can whine to Paypal and probably get it reversed - but Zelle not so much.

On the other hand if you sell a perfectly good iPad via Paypal and the guy then says it was a box of rocks - you lose that money. But if you sold it via Zelle you would be good.

Scammers love Zelle since it is much harder to reverse (basically impossible once they clear the money out of their account).

As a seller of something somewhat valuable (laptop, used car) it should be more reliable than Paypal or paper cashier's checks [that are forged regularly])
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Re: Zelle? OK to use?
Posted by: Will Collier
Date: September 21, 2022 09:36AM
I'd stay away from it. Not enough safeguards for fraud and/or identity theft.
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Re: Zelle? OK to use?
Posted by: rich in distress
Date: September 21, 2022 09:55AM
Zelle is a fine equivalent to a check.
Bank of America emails periodically about fraud and good practices. All of them are common sense to me.
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Re: Zelle? OK to use?
Posted by: wave rider
Date: September 21, 2022 10:50AM
I do use Zelle to pay my rent.

Otherwise, I'm not Zelling about…



=wr=
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Re: Zelle? OK to use?
Posted by: Filliam H. Muffman
Date: September 21, 2022 11:03AM
Zelle is failing me. Has anyone else been through this?
Posted by: mattkime
https: //forums.macresource.com/read.php?1,2753916

The money is gone once you hit Send (98% of the time). It is like handing a stranger cash.

If you give a stranger on the phone/internet the username and password, all the money in a linked account can be stolen. Do not give any stranger remote access to your computer.



In tha 360. MRF User Map
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Re: Zelle? OK to use?
Posted by: deckeda
Date: September 21, 2022 11:55AM
Quote
ADent
Any info on where Zelle was compromised?

Zelle was not compromised. As was said earlier, scammers will pretend to be from them and/or a bank, which is an entirely different thing.
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Re: Zelle? OK to use?
Posted by: deckeda
Date: September 21, 2022 11:59AM
Quote
Filliam H. Muffman
Zelle is failing me. Has anyone else been through this?
Posted by: mattkime
https: //forums.macresource.com/read.php?1,2753916

The money is gone once you hit Send (98% of the time). It is like handing a stranger cash.

If you give a stranger on the phone/internet the username and password, all the money in a linked account can be stolen. Do not give any stranger remote access to your computer.

Matt's July thread wasn't about fraud. What you say is true, just not applicable to his thread or of sending money to people you know.
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Re: Zelle? OK to use?
Posted by: mattkime
Date: September 21, 2022 12:02PM
Quote
Filliam H. Muffman
Zelle is failing me. Has anyone else been through this?

Failing in what way?



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Re: Zelle? OK to use?
Posted by: graylocks
Date: September 21, 2022 12:10PM
Quote
rich in distress
Zelle is a fine equivalent to a check.
Bank of America emails periodically about fraud and good practices. All of them are common sense to me.

i've been using Zelle for years with a few of my guitar students and my hair dresser with no issue. BOA revamped their security a few months ago and i was annoyed at the additional steps I had to take to reverify my students but i understood where they were coming from. Because it's irreversible I do quadruple check the recipient when I do send. That's the real downside; when your account is spoofed it's real money gone unlike a credit card and some institutions are less than helpful at making the situation right.

I believe with any institution you can opt out of it for your account.



"Success isn't about how much money you make. It is about the difference you make in people's lives."--Michelle Obama
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Re: Zelle? OK to use?
Posted by: Michael
Date: September 21, 2022 01:23PM
Here's what Zelle says about themselves in a FAQ:

I’m unsure about using Zelle® to pay someone I don’t know. What should I do?

Zelle® is a great way to send money to friends, family or others you trust such as your personal trainer, babysitter, or a neighbor. If you don’t know the person, or aren’t sure you will get what you paid for (for example, items bought from an on-line bidding or sales site), we recommend you do not use Zelle® for these types of transactions, which are potentially high risk.

Zelle® does not offer a protection program for any authorized payments made with Zelle® - for example, if you make a purchase using Zelle®, but you do not receive the item or the item is not as described or as you expected.


[www.zellepay.com]

I'm comfortable using their guidelines. We've used it with friends to repay for tickets and that kind of thing. But these are people we see regularly.
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Re: Zelle? OK to use?
Posted by: RAMd®d
Date: September 21, 2022 02:47PM
If you give a stranger on the phone/internet the username and password, all the money in a linked account can be stolen. Do not give any stranger remote access to your computer.


This.

Of course this is always good advice.

I recently read somewhere about a kid in a bike who approached an older woman, and asked to borrow her phone because his was dead.

She did, and if I recall correctly, he made a call and apparently found she had a Zelle account, and send some money somewhere, to himself presumably.

He handed her phone back and rode off, and it wasn't until sometime later she found the embezzlement.

The story sounded a little implausible to me; wouldn't someone need a password, TID, or FID to launch the app?

Anyway, I'd never hand my 'Phone to a stranger, and probably few people I know, lol.






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Re: Zelle? OK to use?
Posted by: gadje
Date: September 21, 2022 05:08PM
My rules:

I never ASK for payment nor would I respond if I were to get a request.

I am the one who initiates the payment, always small amounts (under $100) to my landscaper, tutoring, friend who picked an errand for me, etc.

I never send more that I would carry as cash in a wallet.... i.e. something that if I were to lose, I would not worry about.
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Re: Zelle? OK to use?
Posted by: Filliam H. Muffman
Date: September 21, 2022 05:24PM
Quote
mattkime
Quote
Filliam H. Muffman
Zelle is failing me. Has anyone else been through this?

Failing in what way?

It was the title of your post?



In tha 360. MRF User Map
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Re: Zelle? OK to use?
Posted by: samintx
Date: September 21, 2022 06:18PM
Thanks for all good advice !
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Re: Zelle? OK to use?
Posted by: onthedownlow
Date: September 23, 2022 07:45AM
Quote
mattkime
Zelle is fine to use too, but I'd only use it with close friends and relatives as it provides minimal transaction protections....which is why scammers would like it.

This. Perfectly fine to use, but only do it with people you know and trust.

It is just like using cash: If you give somebody $50 for something, but you are scammed (i.e. don't receive what you paid for, need a refund, etc.), then the bank can't do anything about it or reimburse you. As Matt said - little to (actually) zero protection.



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