Police renew warning about money transfer app
Police are issuing a new warning regarding the use of money transfer apps, especially Zelle.
According to Pennsylvania State Police, crooks trick their victims to reset their Zelle account password. This allows the fraudster to erase the victim’s bank account within minutes.
The soldiers said the scam begins when the victim receives a text message from a number claiming to be from a bank’s fraud department. The text will mention a suspicious payment via Zelle and ask the recipient to verify the transfer.
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After the victim responds, police say they received a call from the scammer claiming to be from his bank. The scammer asks the victim to confirm their identity by verifying their Zelle username.
They then inform the victim that they will receive a one-time code on their phone and a notification from Zelle regarding a transfer. These notifications are legitimately coming from Zelle and the bank, but police say the scammer will ask the victim to share the code.
Once they have the code, nothing comes between the fraudster and the victim’s money.
The soldiers said anyone who fell victim to the scam should file a report with their local police. They also offered the following tips to people who used peer-to-peer apps like Zelle, CashApp, and Venmo:
- Familiarize yourself with the policies of your peer-to-peer payment application relating to fraud protection.
- Learn how to use your school’s mobile app and how to turn off features you don’t intend to use. Get help from someone at your financial institution if needed.
- Learn how to recognize fraud notifications from your financial institution and what to do if you receive one.
- Read SMS carefully and ignore those from institutions where you don’t have an account or which don’t make sense.
- If you receive a phone call from someone claiming to be from your financial institution, hang up and call them back at a phone number that you know is valid. You can find the number online or in their mobile app.
- Login information, such as usernames, passwords, and any one-time codes or other authentication information, is confidential and should not be shared with anyone, including anyone at your financial institution. No one from your financial institution will ever ask for your login information.
This story was reported from Atlanta.