Is there a financial Darwin award? This reporter surely won...And there was the one about the finance reporter who was social engineered into withdrawing a bunch of cash, putting it in a paper bag, and handing it over to someone in a waiting car.
A common fraud vector for Zelle that has gotten a lot of attention from regulators and Congress is a spoofed caller id that looks like it is coming from the bank’s fraud department. The caller then socially engineers the victim into immediately activating Zelle and sending money. This is as opposed to other payment apps such as Venmo where there is a more complex setup to link a bank account as well as limits until additional account verification occurs. In other words, Zelle is lacking some speed bumps in my opinion and member banks have given the impression (right or wrong) of not being all that concerned with the issue.
Also, perhaps the Government should look into crypto fraud and require purveyors to know-thy-customer.
Statistics: Posted by cosmos — Sat Dec 21, 2024 1:16 pm — Replies 31 — Views 1331