Banks Will Now Refund You for Zelle Scams: Security Expert Shares 4 Ways To Avoid These Scams in the First Place
Written by
Gabrielle Olya
Edited by
Gary Dudak
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Good news for Zelle users. Thanks to a major policy change that was implemented in November, banks that utilize Zelle will now refund victims of imposter scams. Early Warning Systems (EWS), which owns Zelle, has developed a way for banks to claw the money back from fraudsters so that the money gets returned to the sender, The Hustle reported.
While this can be an added safety net, ideally, you won’t ever fall for a Zelle scam in the first place. Here are the best ways to avoid Zelle scams, according to Iskander Sanchez-Rola, director of privacy innovation at Gen.
Avoid Clicking on Links in Text Messages Claiming To Be From Zelle
“If you receive a text claiming to be from a payment app, avoid clicking on any links in the message,” Sanchez-Rola said. “If you’re worried that there might be a problem with your account, call the payment app at its publicly listed customer service number and ask.”
Adjust Your In-App Privacy Settings
Opt to make your Zelle transactions private if they aren’t already.
“Some payment platforms automatically make your payment history and activity public. This information can include the name of the person or business you sent money to, the date of the transaction and the purpose of the purchase,” Sanchez-Rola said. “While this information might seem harmless, someone studying it could see when you’re away from your home or where you live based on your transaction history.”
Enable Automatic App Updates for Zelle
“One way to keep the payment apps you regularly use safe is by enabling automatic app updates on your phone,” Sanchez-Rola said. “These updates help fend off the latest viruses or malware. If you don’t enable automatic updates, you’re leaving your apps more vulnerable to malware or spyware.”
Set Up Payment Notifications
Turn notifications for Zelle on.
“Setting up payment notifications will alert you to any unauthorized payments made through your app if this information gets into the wrong hands,” Sanchez-Rola said.
If you see a payment you didn’t authorize, flag it with Zelle and your bank immediately.
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