Customer Protection

The banking app for Zelle. A new scam involving this software enables thieves to get money through fraud, and banks are not compelled to shield customers from stolen money. The scam involves the app texting users to warn them of possible fraud and ask them if they authorized the Zelle transfer. The customer then gets a call from a company they believe to be their bank to discuss this potential fraud. The scammer will fake the phone number and pretend to be your bank to pull off the deception. Unaware that they are chatting with the con artist and not, as they initially thought, a bank official, the consumer divulges personal information. The perpetrator has everything they require to use Zelle to access and withdraw the funds. Customers that utilize payment apps like Zelle, Venmo, or Cash App to send money to others, such as family, friends, or payment businesses, are the victims in these circumstances. Unfortunately, using third-party apps does not come with any fraud protection from the bank. These scams are distinct from instances where someone steals money straight from your bank or makes unauthorized purchases, in which case the bank will reimburse the lost monies. Banks’ fraud protection does not apply since fraud happens through the Zelle app. With all the technology accessible today, I think it is difficult to stop these frauds from developing further and to keep people informed on how to protect themselves. However, I think there are some precautions people can take to prevent this. In the post I read, it was advised to cancel all Zelle accounts connected to their bank (Lincoln, 1). If you receive a text message or email, I would advise phoning the banks or credit card providers directly. Even if someone from the bank calls to inquire about probable fraud, I advise you to contact them back. At least then, you may call your bank on a number you are confident is real or, much better, visit the bank in person to speak with a representative. I have changed my mind about promoting third-party payment apps, notably Zelle, after learning about this new scam and how banks fail to protect customers. It has made me consider the apps I have that are directly linked to my bank accounts, as well as any necessary steps to stop the connection and perhaps safeguard myself against fraud.

References

Ashli Lincoln, WSB-TV. March 22, 2022. Consumer advocates say that customers scammed on the Zelle banking app have virtually no fraud protection. https://www.wsbtv.com/news/local/customers-scammed- Zelle-banking-app-have-virtually-no-fraud-protection-consumer-advocates say/KKSK5LIOWVD47PF2UPTR4IMXSA/

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Question

Share a recent or current event in which a business or government failed to protect consumers.

Customer Protection

What were the failures? Who were the victims? What can or could be done to prevent such failures in the future? Do your findings change how you will support the company in the future?
You are encouraged to share resources that introduce or illuminate the event.

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