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I was making a payment on Zelle recently which our landlord requires us to use to pay our rent. I had completed the process when I suddenly got an alert that I needed to make the payment again as they were having technical problems. This was a red flag to me so I did not make another payment.
I then looked at our checking account online and saw that my payment had been deducted. I also got a text confirmation from the bank.
The agent at the bank’s security department said that I made a “good catch” and that my payment went through perfectly. There is an alert on our bank accounts now to watch for suspicious activity. I’ve also completed a security scan of my system but so far, nothing has shown up.
As a result of my experience, I would like to share some security tips that I follow to prevent fraud. I’d rather be safe than sorry so I prefer to take a preventative approach.
1. Use dual factor authentication wherever possible.
2. Don’t use the same password for multiple accounts.
3. Monitor your bank and credit card activity regularly.
7. Take advantage of AnnualCreditReport.com to get free credit reports from the three consumer credit reporting bureaus. This service can be helpful in finding identity theft.
9. I strongly suggest freezing your credit. This can help prevent someone from opening an account in your name. You can temporarily unfreeze when necessary.
I second that fifth recommendation strongly. Fraudsters are increasingly bold, and think nothing of using the names, logos, color schemes and communications styles of established companies. Emails that look 100% authentic can still be false. So be very careful.
I recommend one added step to help uncloak these swindlers. If you click on the name of the sender, you can get their source addressing details. You should carefully examine them, and you will often see some very suspicious originating email addresses, with domains and top level domain extensions that look foreign (in more ways than one). Sometimes, you can also click on the addressing and get security details. Don’t bite at anything that sets off your personal fraud “radar”.
One thing I did find out from a security expert is the importance of a firewall.
Zelle is known as a favorite of scammers. Keep in mind before signing up for it with your bank, that banks will provide a lower level of protection than you get with credit card and debit card payments. See the article from the New York Times.
https://www.nytimes.com/2022/03/06/business/payments-fraud-zelle-banks.html
Also from Clark Howard,
https://clark.com/personal-finance-credit/banks-banking/zelle-things-to-know/
I begged our landlord not to force us to use Zelle. I had someone try to scam me with it on Facebook Marketplace a few years ago when we were selling my husband’s car. I wound up picking a buyer who wanted to pay in cash and was agreeable to making the transaction at our local bank.
I had set up a zelle account for my small service business. A few months back a deposit was made into my account for nearly $2000.00. There is a well known scam that involves a deposit then a communication asking for you to return the deposit made in error. I waited for this but it never came. I have tried contacting Zelle and BOA to return these funds and I have gotten zero cooperation, just endless phone menus merry-go-round.It seems some poor somebody is out due to a mistaken digit or email address. I’ve stopped using all of these services that want my bank info now.
Thanks for the good tips, Francine. One I’ve been seeing frequently, is emails saying “my subscription to Norton (or other online services)” has been renewed for $xxx using the payment method on file”. I was very suspicious and fortunately never clicked on the links in the email. I now just delete these as obvious scams. Yes, we all have to be diligent to these many fraud attempts.
Great post Francine. I stopped using Venmo due to scammers and have switched to Zelle thinking it was more secure. I guess that’s what I get for thinking. Thanks for the tips and the warning.
Many thanks for the super-helpful list!
WRT item 6 – better to only answer calls from numbers you (or your phone) recognize. All others can leave a message. And if you still don’t recognize the caller, just delete the message. Similarly, treat all unexpected emails with suspicion. My email provider does an excellent job of weeding out spam and scams, but one or two still sneak through.
A few years ago, I set my phone to only accept calls from known numbers. It’s been wonderful!
I will add that any caller can leave a voice mail. Then, you can decide if it’s legitimate or not.
I simply don’t answer the phone anymore. I keep it on silent and intermittently check messages. (I have no close family.) It’s a relief not to be interrupted by calls.
I volunteer at my CCRC giving tech help to residents; they know if they want an appointment, sending me texts or email is better, and if they call they’ll have to leave a voice message. I remember what I read so much better than what I hear, and as an introvert I avoid talking on the phone whenever possible.
Yep. I don’t answer and it’s a business phone. Leave a message if you’re for real. Answering just leads to more garbage. I look forward to the day I can smash the phone under my boot.
I’m one of those old fashioned people who still enjoys a nice long catch up phone call with family and friends on occasion, though not everyone is a phone person (as above). Thanks, Jonathan, for creating and maintaining this “safe space.” Today’s tips from Fran are succinct and helpful!
Thank you. Please note my response to mytimetotravel above. You don’t have to give up calls from friends and family.