Teen saving for fishing boat falls for Zelle scam

Teen saving for fishing boat falls for Zelle scam

By Greg Collier

Once again, scammers show they don’t care who their victims are. While we often hear about elderly victims who fall prey to scams, they happen to younger people as well. Some experts have even said that younger generations fall victim to scams just as much as the older ones. Whether it’s a lack of experience, or an unwillingness to come forward, younger adults are losing just as much as their older counterparts. However, when the discussion turns to teenagers, that’s a demographic that scammers are always willing to capitalize on.

A 14-year-old boy from New Jersey and some of his friends were trying to save money so they could buy a fishing boat together. The teen decided to sell a computer he had on Facebook Marketplace. He listed the computer for $500 and found someone who said they were willing to buy it. The buyer offered to pay the teen through Zelle.

For those who may be unfamiliar with Zelle, it’s a personal payment app that’s co-owned by a number of the larger banks in the U.S. Zelle is only supposed to be used to send payments to friends and family, but scammers have been using it to cheat their victims out of money.

In this case, the scammer sent the teen an email that looked like it came from Zelle saying the $500 payment couldn’t be received because of a limit on the teen’s bank account. He was then instructed to send $500 to the buyer that was supposedly going to be returned to the teen. Then the teenager got two more emails that appeared to come from Zelle that requested two more fee payments of $200 and $400. The teen made the payments before realizing he was being scammed.

The teen’s father called the bank’s fraud department, who were able to prevent the $200 and $400 payments from going through, but the $500 payment was already gone. The bank said that could not get it back. Undaunted, the teen wrote a letter to the CEO of Bank of America, one of Zelle’s co-owners, for assistance. It wasn’t until the teen talked to local media before he was able to get his money back.

Unfortunately, the teen’s story is more the exception than the rule. In most cases, Zelle scam victims never get their money back. The Zelle service offers little in the way of protection to scam victims, In most cases, the banks say since the victim authorized the payment, even if it was by deception, they couldn’t refund the money.

Zelle isn’t the only app that scammers use. Venmo and Cash App have also been pretty popular with scammers, but Zelle seems to rule the roost lately when it comes to payment scams. With many of the banks that use Zelle unwilling to help most scam victims, it’s become a favored tool in the scammer’s arsenal. The best way to protect yourself from the Zelle scam is to not pay anyone through Zelle that you don’t know personally. No legitimate company or government agency will ask you to pay through Zelle. If you’re selling items online, it’s in your best interest not to accept Zelle payments. There’s a greater chance you’ll be scammed than actually getting paid.