The digital movement of money is a normal part of our modern world – with nearly $500 billion being transferred via Zelle each year. Now that many businesses and individuals rely on digital transactions, it’s more important than ever to be careful of potential scams when sending or receiving money.
Zelle is a reputable financial tool that is becoming more popular because you can send or receive money with a few clicks. Unfortunately, as the use of Zelle continues to evolve, scammers are also jumping on board to take advantage of the new opportunity.
Safe Practices for Zelle and Other Digital Money Platforms
Just because you use Zelle, PayPal, Venmo or any other digital money movement tool doesn’t mean you will be scammed. These platforms are great for sending money to friends and family. But everyone needs to be aware that scammers often exploit these methods of sending money quickly. So, it’s essential to be mindful of fraud “red flags” to avoid these scams.
Never send money using Zelle to:
- A person claiming to be part of a government agency
- Salespeople who are unverified and unauthorized
- Cryptocurrency websites
- A stranger, regardless of the reason
- A telemarketer
- Any person asking you to send money to yourself
Often, these money transfer requests come through in the form of suspicious emails, texts or phone calls. If someone reaches out unexpectedly and you don’t know the person, never send money or disclose personal information.
What to Do If Your Account Is Compromised
Be diligent about protecting your financial information at all times. You can also guard your banking and financial accounts by setting up 2-factor authentication, which means you need multiple ways to identify yourself when logging in.
If you think you sent money to a scammer or your accounts might be compromised, then it’s essential that you change your passwords immediately. Also, reach out to the bank to get help with the situation.
At Senior Safe and Sound, we are sharing money to protect you and your loved ones against fraud and senior abuse. For additional information and support, contact us by email at info@SeniorSafeAndSound.org.
This information is intended to inform the public at large about this important issue. It is not intended to serve as legal or medical advice.