Zelle For Small Businesses: Send & Receive Payments
The best way to avoid scams is to know what to look for.
(Visual description: An animation of a cell phone is surrounded by bubbles with red flags.)
The pay yourself scam begins with a text message from a scammer that looks like a fraud alert from your bank.
(Visual description: The cell phone animation shows an example of a text message that reads: FREE MSG: Bank Fraud Alert - Did you approve a transaction for $1,000. Reply Yes or No, and then a response message of “No”)
If you respond to the text message and engage the scammer, you'll receive a call from a number that appears to be your bank.
(Visual description: Animation of a cell phone shows incoming call from a representative from “My Bank.”)
The scammer pretends to be a representative from your bank or credit union and offers to stop the alleged fraud.
In reality, the scammer is actually tricking you into sending money to their own bank account.
(Visual description: Animation of a cell phone shows $1000 being sent to the scammer’s mobile device.)
Here's how they scam you. When you enroll with Zelle, your bank sends you a security code to verify your identity.
(Visual description: Cell phone shows text message: Your One Time Passcode is 5673.)
The scammer lies that they need this passcode to authorize your payment to yourself.
(Visual description: Text reads: One Time Passcodes should not be shared with anyone.)
If the scammer is given the one time passcode they'll be able to enroll their bank account with Zelle using your email or phone number. Now the money you thought you were sending to yourself is sent directly to their bank accounts. Remember, your bank will never ask you to send money to yourself.
If you detect suspicious activity, hang up and contact your financial institution directly at the number listed on the back of your bank issued debit card in your banking app or the bank's Official website.
