Quote:
Originally Posted by villagetinker
The downside of some of these systems is that you (the sender) have NO protection if the payment is part of a scam, or if someone managed to access your account and send funds. At least with credit cards there is some protection. I had someone ask me to setup Zelle, and when doing me due diligence I found there is no protection for incorrect or scam payments, needless to say I do not use Zelle.
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That goes for anything. Stolen credit card numbers etc. Anyone who gets their account login stolen needs to use one of the many ways to protect their account info available.
Zelle is sent through one's own bank account and the account owner is sending it. If someone else can access that they have more problems than Zelle scams. You certainly shouldn't be sending Zelle payments to anyone you don't know and should confirm directly from them they are who they say they are. Would you leave a wad of cash on a desk for someone to come buy and pick up later in the day. Of course not. Like anything else in the world people need to be careful what they do. MOST of the issues with Zelle, PayPal, Venmo etc are all related to users not being fully aware of what they are doing. I'd bet the anount of actual scams is infinitesimal. Only the bad stuff gets posted in articles or online.
Edit: And the BEST protection is to have a totally separate bank account just for those types of things, and just transfer or keep what you need in it.