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> If a criminal initiates a Zelle transfer…that fraud is covered by Regulation E, and banks should restore the stolen funds,” This seems great but there’s valu
by bredren 5y ago
> If a criminal initiates a Zelle transfer…that fraud is covered by Regulation E, and banks should restore the stolen funds,”
This seems great but there’s value in these transfers as well.
I had a pair of Apple Watches I was selling and someone wanted to use Zelle to pay for them.
No one has ever wanted to pay for a p2p transaction with me using Zelle.
I said since they had the money in the bank, they would just need to pull it out on the way over. (It was still during banking hours)
They wouldn’t do it. Kept pushing Zelle as a safe way to send money.
By targeting people who will trade real items for Zelle transfers, it doesn’t matter if the compromised account owner gets their cash back.
- skinnymuch 5y agoI’m confused about this. What’s the target here? It’s shady/weird to want to use Zelle, but couldn’t this have been a legit person wanting to use Zelle?
- bredren 5y agoYes. But if they have the cash and bank hours are open, why not just get the cash out? I even offered to meet them at the bank. They were scamming. The target is the unaware seller, who has no recourse when the funds magically disappear from their account. They are out whatever goods they had for sale. It is not typical to take down the license plate or copy the drivers license of someone buying something from you.