The banks probably get a cut of whats stolen. So why would they fix it.

I thought the same thing. I hear about some of the scams, and I don't understand how the banks can't reverse the transactions if fraud is proven.

Not if they use stolen bank accounts

Identify fraud

Wells Fargo is not okay. When will people learn.

Yeah, having nation wide locations doesn't seem worth the BS. Shame on anyone silly enough to think they have your back just because of the sheer size- quite the opposite in my experience, as shown here.

Just don't use Zelle.

IKR????

@@lotto5742 At 45 seconds in, reported stated it could be connected to your account, and thus used to steal your money, even if you never asked for it to be connected or ever used it. So....we could be vulnerable without even knowing it.

Not even sure how Wells Fargo is even still in business after all of their shady bs.

@@jeaniebird999 My credit union charges $14.95 if I want to transfer an immediate $100 to my kid, so I will use free Zelle. I'm careful to ensure email addresses and cellphone numbers are correct.

@@jeaniebird999 How are credit unions worse?

I have a credit union

​@@jet4415 They're actually much better than the big banks. Especially once you've been a member for a while. Loans are much more personal and the employees generally care much more about you as a person. Not a number like big banks

@@waltc614 I've been with First National for almost 4 decades, including my mortgage. It's free to bank with them, too. They've always treated me well and I've never had to worry about them being sketchy, like Wells Fargo, or Key Bank.

people dont realize you can sue a bank in small claims court and you could also get arbitration which I dont trust because the banks suggest going that route knowing that thieving judges who is on their backdoor payroll is the ones who would be ruling on the case... if 3000 people sued them in small claims court they would be happy to issue a refund due to court cost and lawyer fees

@@bjvu9460 People don't realize that you can sue anyone - including the U.S. government, now. You need to be able to document damages.

Actually they did refund someone that sent me money by accident. ( 250.-) - I don't remember if I had to agree.

@@CHMichael AWESOME! Did you notify them or visa versa?

@@parisattic she called me and told me that she sent me money but already requested to have it returned. I think it sat in my account as pending for 12 or 24 hours. I don't remember if I had to agree to anything in the app.

Zelle can only transfer money if they authorized it. To transfer money using Zelle, you have to login on your bank and send money transfer choosing Zelle that is tied to your Cellphone #.. Then you send amount of it. This guy certainly got hack through remote desktop method :) maybe he does not have 2FA method enabled on his bank account. Cuz my bank, everytime I login i get a 2FA code to verify it.. So yah its this guy fault not Zelle.

I’m not sure about that. I would have to read the agreement.

@@SteviePaints if you are stupid enough to pay the wrong person like that lady, that's her fault. the guy with 9k sounds like someone setup zelle in his name on his account. two different things

If you are tricked into sending someone you don't know (or who pretends to be your bank, the IRS, or Amazon Support) money thru Zelle how is that the banks fault you were stupid? Like, if you go to an ATM and withdraw cash, then on the way to your car, a homeless person asks for money and you give them a $20. Then you see that homeless person drive off in a new Mercedes or BMW? Is that the banks fault too? You buy a new TV and put it in your garage NIB, and leave your garage door open. The TV disappears. Bank's fault? If you make the banks responsible for everyone's stupidity or naivete then we'll all end up paying more and the stupid ppl will keep on being stupid and careless. They'll only learn by being held responsible for their own actions.

no, no more bailouts for banks ever. No more government at all

First crypto, then cash, then debit, then credit.

Unfortunately it can't be used for everything, such as paying an individual who lives in another state, only businesses can take credit cards. Unless you know of something I don't, sending a check or using something like Zelle are the only options.

Most of the time, for large purchases (I used to operate 4 Airbnbs with monthly rental amounts) the buyer is on the hook for 3% of the total. So much for that cash back thing.... There is a $90 surcharge for accepting a credit card on a $3000 total. Somebody's got to pay it...

@@imnitguyBut it still works for me because I never use AirBNB and, given the current trend, a lot fewer people are, as well.

That does provide some measure of protection.

Most often they are used to cause great harm.

Do you mean lock the Zelle app so no one can get into your account to transfer money to another account? I have a TD checking account should I stop using the Zelle app?

@@moa8121 My bank offers Zelle to its customers. It is a convenient way to transfer money from your account to someone else's account. However, if the banks that offer Zelle can't figure out how to make it 100% safe and foolproof, then they should at least allow their customers to put a "lock" on it, so that scam artists can't get into the account and use the Zelle feature to transfer money out of your account into their account. Currently, if your bank is one of the 6 shown in the video that offers Zelle, there's no way you can "lock" it to prevent possible fraud / theft from your account. So don't allow someone to talk you into using it, and be sure you have a strong password into online access to your bank account. I've seen videos about criminals that call you on your phone, pretending to be a real business. They ask you to pay your bill using Zelle (which is the trap), and they give the victim a fraudalant account to send the "bill payment" to.

Customers have to opt in to use Zelle. In the banks’ terminology, they have to “enroll.”

But hackers make that call when they get into your acct

All you need is a phone number to transfer money using Zelle. I loaned money to an acquaintance who was down on her luck using Zelle, and the next thing I know, she started sending requests to my Zelle account for more money. I got an email from my bank with her request. I didn't even know people could do that.

You gotta be kidding! She glossed over the fact that these people are willingly sending $ to phone scammers. Why should the bank pay for their stupidity?

@@Eli-9 if US taxpayers can pay an estimated $16.8 trillion in corporate welfare to bailout banks, the rich and Wall Street then when banks have created pathways for other thieves to steal from their customers they should be responsible😊.

Exactly. The fact that Zelle, cashapp, venmo, paypal ALL OF THEM are not held liable is ridiculous. They know who got the account more than a bank would. Because all a bank has is a username and Zelle says its a privacy issue.

Not if you DON'T USE THEIR APP. It would stop IMMEDIATELY. Ha

Why are people using Zelle to send money to someone they don't know. There are so many other ways to send money. Imagine if Banks paid back EFT transactions. I could Easily Scam a Seller of Goods People make SO many Fraudulent CC and Debit Card Claims every day and the banks eat them because of how the law is Written. . Don't use a Freaking cash app with a Stranger. That's like asking the Bank to give me money back in a Cash Transaction. How is the bank liable

The problem isn't Zelle here. It's the users who did the stupid thing. They're the ones who sent money to people they didn't know or installed malicious software on their own devices. I wouldn't install Zelle just like I wouldn't install the Mc Donalds app on my phone. Installing random software like this without doing basic research into the apps you are installing is how you end up losing money like these people did. The rest of us should not be burdened with higher costs and fees because of it.

@@windsofmarchjourneyperrytr2823 This! People are stupid and the regulations are what hurt us all. They need to stop regulating financial institutions and let some real competition come about. I don't trust the banks, but it's because of government meddling that they are all the same. I'd rather be my own bank, but the government is doing everything to make that a crime. I prefer and use cryptocurrencies and have NEVER lost money (outside the ups and downs, but its up more than down so certainly loss is a misleading word to use here, and this is without being an "investor", or in other words I accept crypto and I spend it, I don't buy it to make a buck, but that is a side-benefit of having held and used crypto for a decade).

Criminals getting smarter and people are gullible the bank cannot catch up so ??

Why would anyone else be responsible for people giving away their money. Should the bank be responsible for someone who loses money gambling? If someone is hacked it should be treated the same as if your card was stolen. If you give someone your money because you sent it to someone you didn't know well that's on you.

@@gusfusses44 Wow, theft by 3rd party is a far cry from gambling. Very hard to compare those two.

@@arioch2112 You have to send them the money. The responsibility lies with you. When did we get away from taking responsibility for your on actions. Don't send money to people you don't know. It's that simple or else you are taking the risk of losing it. No different than gambling.

@@gusfusses44 Not what was being reported. Some cases, ppl had never used Zelle but was part of their bank, like BofA. I've never used it but it is part of my bank account.

🙄 how do you live?

@@user-hv9vn4fi4w i barely do. Its an every day struggle to decide between food and diapers. Have any extra you wanna donate? Or have a high salary job you want to offer?

@@SA-Bean-Bean shouldnt have made a baby then

​@@gzstayreal I don't have kids and struggle as well...

@@kanohane welcome to reality

I had the same happen to me. Normally when I call my bank, they ask me to verify the last 4 digits of my account and my date of birth or a pin. This guy told me the last 4 digits of my card number and asked me to verify the rest. So I asked him for his employee number and extension and then told him I would call him right back. He hung up on me. Only after did I realize he gave me the last four digits of a card that had been cancelled due to fraudulent charges.

Sometime, those fraud departments are actually real, and calling with some really suspicious thick foreign accent. Although in my case, I just made some large change on my account, so I kind of had some clue, but still followed up with the "real" bank and confirmed they indeed had such procedure.

Everytime I am routed overseas I get nervous about fraud. Milk Street Magazine uses O.S. customer svcs. Liability is gone when offshore.

I just don’t pick up and I’m constantly checking my accounts like three or four times a day

Never respond to someone calling or texting you unsolicited. Call back on the number you have for them (it's on your card, unless you have a preferred customer line, then use that). Keep the actual phone numbers handy in your phone for added convenience if you are away from home.

Stupid people falling for scams should be held accountable. Sickening

@MdMister-le7bb stay far away from him he’s after peoples money thanks for letting me know that

Tried to get/got slaves marked police to do what? Are/were you a slave who was/is faking government, religion and/or industry and/or a slave tortured into appearing/etc. like you could possibly be?

@@subforceusa694Really sorry that happened to you, hope you're in a much better spot now.

if you can"t meet the in person don't do business with them! simple and effective. If you do meet them in person away from their office, take a picture of them. If they don't like it Don't do business with them..

@@randyearles1634 in a perfect world, yes. but today with generational wealth spread all over the planet, you are not like old town Iowa where your gene pool has been based for 160 years. Then again, STEALING used to be one of the extremely serious taboos, whether in the USA or Saudi Arabia. USA? It USED to be just below murder and kidnapping. Today is exhalted as a means of "getting even with white boy", whose relatives were in Sweden 100 years ago! Some cultures work at stealing, other if you leave it unguarded , it's fair game, ANY property, including your WIFE. Let that sink in.

Remember stolen checks? Lost payments in the mail? “Washing” checks and rewriting amounts? Instead of moving backwards, we should educate those who don’t understand new technology and provide safety for those folks who make mistakes.

How can the government track ur money if it’s not online? Need to make sure u r paying every single penny of taxes that u owe! Also need to be able to erase ppl when they get in the gov way

They caught Al Capone for taxes long before digital lol, if you don’t pay taxes you got problems bigger than paper vs digital

@@citizencoy4393 Yeah, "enemy of the state" is actually a real thing, ask any targeted person. Becoming widespread with the use of all the new techno surveillance and minimal usage rules in place. People so unaware still, until it affects them.

It's not "unavoidable." Apparently the PO has no idea wtf your mail is or WHO is stealing it!

No because un educated consumers that are constantly babied are funding criminals.

Agree

I really don't understand how people get scammed with Zelle. I use Zelle and only send $ to family or something I know 100%. Also, you can set limits on the max transaction amount, ie. mine is set to $1500. I control who I send money to using Zelle, no one else.

​@@douglasblum309 Agree. I think the issue in this situation is more about educating consumers to be more wary of scams than to come down hard on banks--not that banks really care deeply about their customers. Of course hacking into an account is a complete and separate issue.

Title should be Stupid people fall for scams and want everyone else to pay them back!

This is it. They got social engineered and scammed. It's not on zelle to protect people from themselves.

Try credit unions. SDCCU doesn't know what Zelle is.

Simply don't register with Zelle

@@user-lx1dy3iw1z When your bank signs up, you're in. No opt-out option. If you don't pay attention to your bank notification disclosures, you won't know that your bank has signed up and that you are already in the system. If you want that to change, send a complaint to the CFPB (Consumer Finance Protection Board). Sometimes they take action. They are more of a board to send complaints to. Lack of enforcement is to be expected.

@@user-lx1dy3iw1z Reported stated at :45 that some banks automatically connect it to everyone's account without you having requested it.

@@conniesaratoga3194 That report is wrong. You have to actively sign up for it. I refuse to do so.

How did it happen?

Gary, Indiana, Gary Indiana, Not Louisiana, Paris, France, New York or Rome, but Gary Indiana, Gary Indiana, My home sweet home.

Lol, thanks for the money sucker! 😂😂😂

@@JK-br1mu hoosier

Stop lying you spent it at the GL0RYHOLE

They get so mad. Like where is MY money. Like bro I have time to waste to mess with you

That isn't how these frauds work though. It's gullible people doing stupid sh*t like sending money to people they don't know after being called or email'd that are lying about who they are or getting 'hacked' because they can't control themselves and install malware. Don't install Zelle and there isn't a problem. Don't install malicious software or send money to people who call/email you that claim to be people they aren't and there isn't a problem. I wouldn't ever install Zelle. It's a malicious app in and of itself because there is no source code available and you the user are not in control. You are giving up control of your device and being stupid by installing these sorts of applications. Stop installing malware people or you will continue to get what you effectively deserve (be victimized). Install of blaming other people for your problems take some time to learn about basic security and the scams that occur in the world. One doesn't need to do much more than watch the news and be a bit weary about which apps they're installing.

not true - the bank may offer the service but it's not active unless you sign up for it and activate it - check with your bank - credit unions are not safe from these types of frauds either, check with them re their fraud protection policies -

You do have a choice. Contact your bank and have the Zelle app locked down so no one can access it.

You have a choice. Have both credit union and major bank. Refused Zelle and any other bank transfer app.

What checking account @ what bank?

What?

@@tristanmichael7596 their saying scammers are the one flossing

This is your future learn to love it... THREADS

There's zero chance that's the only way you can transfer money. Also the creation of an instant and real time payment solution took a ton to develop. It's not as simple as just making an app that transfers money. There's souch back end with bank connectivity that it's a massive investment. Plus each bank would develop their own and then getting them to talk to each other would be a nightmare. Some banks might connect to each other but some might now and real time clearance would still be an issue. I work for the largest banking software developer in the world and I think it's safe to say you dont really understand what you are talking about.

You have to opt in, I think.

Dump Wells Fargo. It's well known that WF is a criminal organization.

That is so awful. I makes me distrust the financial system especially when they won’t refund the money.

Terrible - so sorry.

How was it done?

@@dyblifestyle there was 3 deposits put in my account not even to me then taken out and a zelle for $350 sent from my account which I got no notice on my phone about

Thank you. Is it sad she lost the money, yes? But she willingly sent the money, it was not as if the bank was compromised and the money drained by a 3rd party without her consent. If in doubt, verify before you pay!

I'll bet $$ they're 1000% in on it. Makes sense, right?

I also thought that it was the same safeguard s as using a credit card. But luckily I don't feel comfortable using zelle to pay business

I notice that good old Western Union is still doing money business.. If so, people are using these apps because they seem, like most everything else online, as a toy... or they're just too lazy to go to a WU counter and conduct business face-to-face, where there will be some semblance of accountability.

@@garyaugustus690 So true. Western Union is still going strong. I think the use of the money transfer apps is more about convenience than laziness or the novelty of them and I can understand that. Being disabled and pretty much home bound I appreciate the convenience of ordering meals or necessities and having them delivered to my front door within a reasonable time frame. Growing up watching "The Jetsons" made me aware of the future power of technology. Go in peace.

Lol u Eva herd of an offy?….iykyk 😂

Why should I have to pay because their payment system is not secure?

An insurance fund for stupid people? You have to authorize Zelle to send money to someone and verify it’s you through a cell phone.

They are hacked because the banks share your phone number and email with venders they do business with (like life insurance companies). That information is then sold to others. Your account is able to be hacked because scammers now know what phone sim (your Sim) they need to put on their phone and get control of your email for that bank account. In most cases this is all they need to change your bank passwords. This all leads back to your bank accounts being taken. Its not all about people being tricked into giving people your info. Have a separate email that is not used for any other business except your bank so it cannot be found else where. Make sure you withdraw all permission for the bank to share your information to anyone except for business use with that bank.

I use an encrypted email for my bank account

What is 2FA??

Chase doesn’t allow 2FA (not SMS, Authenticator, yubikey, etc). But you can set that a login can only happen from a specific IP address, such as your home or a designated VPN.

2 fa is essentially worthless, not hard for a scammer to bypass the 2factor

The real answer is bitcoin/crypto and people being there own bank, but that would require people to think for themselves. Banks are evil, but it's why they and the government lie about crypto.

I hate Chase, BofA and WF along with the other big banks. I have had good luck with Ally, totally online. They offer Zelle too and so far, no issues. This has me concerned though... Any suggestions for another transfer method?

​@@telcobilly BoA,WF, truist, chase allllll of em

Same with Bank of America and Wells Fargo. I currently have a PNC account and they have been very responsive to the few issues I've had.

And they do a lot of creative accounting for you to end up paying late fees

@@telcobilly The problem with this report is that they only marginally mention how the frauds work. They don't say what to look out for. I have never needed to use Zelle so since you have used it before you will probably know more than me about it. As far as I can deduct from the other comments here I think it is a matter of not falling for phishing mails and scam calls and not logging in via secondary links. My bank actually issues a comprehensive scam warning when I open the Zelle money transfer option. If you have not encountered issues so far, it seems like you have done everything right at the safety level, which is crucial. In addition it certainly is another good measure to check the account online on a regular basis, like at least once a week. Like somebody commented above already, some people are, let's say, not mindful enough with their banking stuff, which makes them vulnerable for scamming and theft. I believe that most of these scams are avoidable if you just pay enough attention. I am guessing that Zelle should be safe enough, provided the bank customers pay attention to what they do, hence why try to switch to a different payment method? I think this report is far from comprehensive as far as precautions are concerned, so If you are concerned, research about banking fraud is in place.

Exactly

Holy s..t, u have a case. I wouldn't quit till I got my $ back.

This is what happens when you have money in your checking account. Make it a habit of keeping minimal cash in checking.

Switch your insurance every 6 months. Make it clear you'll leave for ridiculous increases, when nobody has to be at any office=no overhead. They'll lie about this, too. Keep calling them on it. "The state," is horseshite.

Hi! excellent commentary. Thank you for saying what so many people forget.

I use two-layer authentication where my bank sends me a code and I respond back. And I never use a cash app. Never been scammed.

It does

Those usually connected to people's bank. When I go into my Wells Fargo zelle has on the information because it's part of the app. If you download the app and use it like that then yes you have to have card information if your bank isn't connected. I've never had any issues with zelle with cash app and Google Play nothing because I don't send money to anybody I don't know because I know not to. Common Sense your energy company isn't going to call you and tell you to pay your bill that you didn't even know you had through zelle. A lot of people gets can because they aren't too bright

@@dominiquecruz7503 Wells Fargo is the absolute worst bank to use.

So you sent money to someone without knowing who you were sending it to. How is that someone else's fault. I am I missing something? If someone is hacked that's one thing. if you willing give your money away well that's another.

Ask any real estate agent. They're 50 at the most. Not 100 I ever heard of. And if it's rented, they have to TELL you, but can't lie, either.

Exactly. She should have called Duke Energy as well. Also, electric companies don't call customers. She got scammed out of $278. They don't have bill payments through Zelle only in person at their electric company or on their website. I feel for her and wish she did her due diligence before sending her money through Zelle.

Yeah but it's supposed to be better than cash app

This

It is a service with an app. Or an app providing a service. So technically it is both.

@@roelsvideosandstuffs1513 Sorry when I wrote that comment it was only available where I live as a service within various banking apps. But now they have a standalone app

the man who attempted to scam me was arab

Scammers, or sometimes hackers. Basically, the same folks who commit credit card fraud.

I was called one late afternoon by a criminal claiming to be an accounts manager for FPL(Florida Power and Light) quite convincingly telling me that my my monthly bank drafting on one of our accounts(two houses in same town) was mistakingly allowing our second account to go way past due and that within the hour power would be turned off at both houses if I did not log on to our bank and Zelle (FPL) 478.00. Agai this person was quite convincing but thankfully I was able to call FPL on my other phone and they quickly told me this was a lie and fraud.

Not only is it odd, it never explains how the theft occurs with the app. Just terrible reporting.

Inside job, fraud, naive people duped- if people steal/defraud you of cash money, the US government does not refund either

The guy with the 9k that went missing was the victim of someone creating or hacking his Zelle account.

It's not any safer.