Think You’re Reversing a Fraudulent Payment? You Could Be Sending Money Straight to a Scammer!
Zelle® is a fast and convenient way to send money to people you know and trust. Unfortunately, scammers take advantage of that speed too. One scam to watch for is the reverse Zelle scam, where someone convinces you that fraud has already happened and then tricks you into sending money yourself.
How the Scam Works
You may receive a call or text that looks like it’s coming from your financial institution. The scammer may even know your name, address, or where you bank, which can make the message seem legitimate.
They’ll claim there’s been a suspicious Zelle transaction and tell you they can help “reverse” or “cancel” it. They may instruct you to send money through Zelle, sometimes even to your own phone number.
But instead of reversing a transaction, you could be sending money directly to the scammer.
Because Zelle payments happen quickly, the money may be gone before you realize what happened.
How to Protect Yourself
Never send money because someone says it’s necessary to reverse fraud or protect your account.
Also remember:
- Don’t share one-time passcodes or verification codes with anyone who contacts you unexpectedly.
- Only send Zelle payments to people you know and trust.
- Don’t let anyone pressure you into acting quickly.
- Use strong, unique passwords and enable multi-factor authentication when available.
- If something doesn’t feel right, hang up and contact your financial institution directly using the number on your card or its official website.
Stop. Think. Verify.
Scammers can sound convincing, but urgency is often part of the trick. If someone contacts you about suspicious activity, don’t send money or share security codes. Stop, verify the situation, and contact your financial institution directly before taking action.
