Bottom line, any online financial transaction that uses only one form of identification (cell number or email) to complete the transaction is risky at best and at worst a scammers dream come true. The scariest part of the nightmare is learning that the banks nor Zelle are legally responsible for your loss. They either point the finger at you for entering wrong information, or they refuse to acknowledge their system was hacked or compromised because the transaction shows as being completed. Forget that the money you were expecting either went to the wrong account and/or was never received by you.
Zelle has responded to a number of their victims with this policy tidbit, which you were "supposed" to acknowledge reading when signing up for their service:
So Zelle "Recommends" not using their service with persons unknown to you. They don't say why, but that's a red flag if ever there was one. Why not just take a page from pharmaceutical companies and list all the risky symptoms that come with using their product: Zelle is known to cause sleeplessness, cold sweats, stress and nausea.
In the end I find it just too damn risky to use a money transferring service that is only accountable for what goes into their system (Customer Dollars), but then hides behind legal fine print when those dollars do not reach their intended designation. Sometimes the Fast way is not the Best way to do things. The bank "inside job" suggestion by one of the victims might not be so far-fetched.
The Zelle Scam Nobody Has Told You About (Until Now)
Bay Area Users Say Zelle Lost Their Money
Zelle Fraud | Peer-to-Peer Vunerabilities
Zelle Users Finding Out Hard Way - No Fraud Protection
Be Aware - Zelle = Scammers Ultimate App
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