The Expert Podcast

• Thousands of people have fallen victim to online fraud using the Zelle money transfer platform.
• Zelle was created by major banks like Wells Fargo and JP Morgan to make it easy to transfer money between bank account holders.
• It works similarly to platforms like Venmo, but with fewer safeguards in place.
• Because of this ease and lack of security, scammers exploited Zelle to steal money from unsuspecting victims.
• Common scams involved:
  • Hacked Zelle accounts
  • Fake two-factor authentication
  • Fraudulent transfers through misrepresentation
• Due to the rising number of complaints and fraud reports, major lawsuits have been filed.
• Some State Attorneys General have also intervened, arguing that banks should be held responsible.
• As a result, banks and Zelle are now exploring reimbursement options for scam victims.
• If you were scammed through Zelle:
  • Contact your bank immediately.
  • Review any legal rulings or settlements related to Zelle fraud.
  • Check the FTC's involvement and updates on consumer protection actions.
• This is a developing situation, and updates are expected soon.
• Victims are encouraged to act quickly to potentially qualify for reimbursements.