Zelle and bank transfer scam

You're told to send money to yourself to 'reverse' a fraudulent payment.

How it works

A text asks whether you authorised a payment. You reply NO, a 'fraud agent' rings within seconds, and they instruct you to send the disputed amount to yourself via Zelle to cancel it. The account behind that number is theirs. Bank transfers you authorise yourself are the hardest kind of money to get back.

Red flags

Told to send money to yourself to reverse a charge
Contact arrives by text first, phone call second
Urgency: 'the payment clears in ten minutes'
Agent discourages you from visiting a branch

Real-world example

"Bank Alert: Did you authorise a $498 Zelle payment to Michael R? Reply Y or N."

What to do

01Never reply to the text. Open your banking app and check the activity yourself.
02Banks never ask you to send money to cancel a payment.
03If you sent money, call the bank's fraud line immediately and file a report.
04Enable payment alerts and a transfer limit on your account.

Related scams

Vishing (voice phishing)

Phone calls that impersonate your bank, Amazon, or a government agency.

One-time passcode (OTP) scam

Someone talks you into reading out the six-digit code you just received.

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