With the increase in identity theft, spoofing, and fake money scams, it's no surprise that scammers are also using person-to-person payment apps like Zelle® to try and steal your money and access your accounts. While Zelle ® is a secure way to send money to people you know, it is still important to take extra steps to make sure you're sending money safely. If you spot a scam or think you might have been part of one, we want you to reach out to us directly. Now, let's take a closer look at how to make secure payments.
1. Only Send Money to People You Know.
Since you can't cancel a payment once it's sent to a registered user, it's important to use Zelle® only with people you trust, like friends, family, and others you know well. For example, you might not want to pay a random valet guy, a street vendor, or someone from an online marketplace with Zelle®. If you send money to someone you don't know or don't receive the service you expected, you might not get your money back. Zelle® does not offer a protection program for authorized payments made through the service (for example, if you do not receive the goods or services that you paid for, or the goods or services that you received are damaged or are otherwise not what you expected).
2. Think of Zelle® as Digital Cash.
Even though Zelle® is digital, its still real money moving directly from your bank account to someone else's. Just like handing someone cash, once it's out of your hands, it's gone. There's no way to get it back if you change your mind or realize you made a mistake. That’s why it’s important to double-check the identity of the user you’re sending money to and only use Zelle® with people you trust. Think of it as handing over cash—you wouldn’t give it to just anyone, right? The same mindset should be taken when using Zelle®.
3. Keep an Eye Out for Scams.
There are always people trying to trick you out of your hard-earned money. Scams involving person-to-person payment apps often go hand-in-hand with online scams. If someone is offering something at a huge discount, claiming you've won a sweepstakes, or promoting a program that sounds too good to be true—especially if you've never spoken to them before—it’s probably a scam. Trust your instincts and be cautious.
4. Double-Check Who You’re Paying.
Once you send the money, you might not get it back, so it's really important to double-check—or even triple-check—that you have the correct phone number or email address for the person you're sending money to. Check for typos. If you're not sure, send your friend a quick text or call them before you hit send. Better yet, have your friend use the “request money” feature within Zelle® to send you a request. That way, you can be sure you have the right info and don't risk losing your money.
5. Got Scammed? Here’s What to Do Next.
Look, mistakes happen, and if you feel like you've been scammed, it’s important that you reach out to us right away. Please reach out to our Members Choice Credit Union team directly at 800-753-2428 or visit any one of our branch locations. Neither Members Choice nor Zelle® offers purchase protection for authorized payments, such as a store that didn’t deliver an item, or a service provide didn’t perform a service you paid for. Tell us AT ONCE if you believe your password has been lost or stolen, or if you believe that an Electronic Funds Transfer has been made without your permission. Calling is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft funds). And nobody wants that to happen!
Want more tips like this? See more in our fraud and security center.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
