Protecting Your Money on Zelle: Tips to Avoid Fraud and Scams

Zelle Scams and Frauds: How to Avoid. Zelle is a digital payment service that enables users to send and receive money quickly and easily using their mobile devices. It is a peer-to-peer (P2P) payment service, which means that users can send money to friends, family, or other individuals without the need for cash or checks.

To use Zelle, users must have a U.S.-based bank account and a registered mobile phone number or email address. Zelle is integrated into the mobile banking apps of many major banks and credit unions, making it easy for customers of these financial institutions to send and receive money through Zelle.

Users can send money using Zelle by selecting a recipient from their contact list, entering the amount they wish to send, and confirming the transaction. The recipient receives the funds directly in their bank account, usually within minutes.

Zelle has grown in popularity since its launch in 2017 and is now available through more than 1,000 banks and credit unions in the United States. However, it’s important to note that while Zelle is a convenient way to send and receive money, users should be aware of the potential risks of fraud and scams and take steps to protect their personal information and their Zelle account.

Zelle is owned by Early Warning Services, LLC, which is a financial technology company based in the United States. Early Warning Services is owned by a consortium of major banks, including Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo. Zelle was created as a response to the popularity of other peer-to-peer payment services, such as Venmo and PayPal, and was launched in 2017. Since then, Zelle has grown in popularity and is now available through more than 1,000 banks and credit unions in the United States.