Quote:
Originally Posted by MsPCGenius
Clarify for me... how is Zelle a risk? If someone shows up to buy something for "cash only" and I give them my Zelle account name -- they complete the transfer of funds while on site -- I confirm it's in my account, how is that a risk?
Help me to understand how this form of electronic transfer is risky. Thanks.
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Zelle is a risk because you do not know who you are dealing with, even if they claim to id themselves. all a hacker needs to do is get a copy page of your bank statement, ( hacked from a gas pump, etc.), & your money is gone. do not rely on Zelle to get any funds back to you, as the bank claims zelle is a 3rd party. upon looking further, you will find out zelle IS owned by BOA, wells fargo, chase & some other bank i cannot recall. you can TRY to get in touch with the fraud dept., but will wait on hold up to TWO HOURS, in which time your account will be emptied in front of your eyes. you could end up loosing thousands of dollars in an instant! you will then need to begin with a police report, then hire a lawyer to guide you through the legal process.. go ahead & ask me how i know all this, LOL, our lawyer is working hard on the case