Tagged: Bank of America Toggle Comment Threads | Keyboard Shortcuts

  • Geebo 8:00 am on May 18, 2022 Permalink | Reply
    Tags: Bank of America, , , , , ,   

    Is Zelle siding with scammers? 

    Is Zelle siding with scammers?

    By Greg Collier

    As we’re sure you’re well aware of, Zelle is a money transfer app that’s co-owned by several large banks in America. Its primary purpose is to transfer money between friends and family directly from your bank account. The most popular example given about these apps is splitting the check at a restaurant. Rather than several different people pulling cash out of their pocket, they can instead just send their portion of the bill to one person who picks up the tab. However, since it involves sending money online, scammers are using every opportunity to use Zelle, so they can steal from their victims. The banks that own Zelle aren’t helping matters either, since they tend to tell scam victims that their money is lost forever, even if the bank is the one who noticed the scam.

    A woman in New Jersey recently fell for a rental scam. She was sending money to a phony landlord for a rental property the landlord didn’t own. At first, she was asked to send a $160 through Zelle for an application fee to someone with a Wells Fargo bank account. She was then asked to send $1000 through Zelle, to the same person as a deposit. The scammer then asked her to send $1000 as another deposit and an additional $1000 as first month’s rent. This time, the money was sent to two different Zelle users, the first one mentioned and a new one with a Chase bank account. Again, all done through Zelle.

    When sending the last $1000 through Zelle, the woman’s phone locked up, and she wasn’t sure if the payment went through. The fake landlord told her to call her bank to resolve the issue. When she called her bank, Bank of America, they notified her that this was a scam. The bank representative put in a request to have the payments stopped. The woman then did the proper thing and notified both the police and the FBI. Six weeks later, Bank of America denied the request, allegedly claiming that Chase and Wells Fargo did not want to give the money back.

    All three of the banks mentioned in this post are co-owners of Zelle. Since they all share a payment transfer system, you might think that there’s a way to get money back from scammers. Instead, the banks claim that since sending money through Zelle is like sending cash, users should be careful who they send money to. No refund was offered to the victim by any of the three banks.

    While it is true that apps like Zelle should only be used between family and friends, why are the banks so reluctant to help scam victims? The bad press they’ve been receiving over Zelle can’t be helping, so why not put in protections that help the users instead of the scammers? The more these scams get reported on, the less Zelle will end up being used. So, which one would be more costly to the banks, helping scam victims, or shuttering Zelle?

     
  • Geebo 8:00 am on October 22, 2021 Permalink | Reply
    Tags: Bank of America, , , , , , ,   

    Zelle scam keeps making victims out of bank customers 

    By Greg Collier

    Reports are still coming in about the scam that uses the Zelle payment app to drain victims’ bank accounts. In case you’ve missed our previous posts about the scam, scammers are posing as nationwide banks while sending text messages to victims asking them if they’ve made a large purchase. When the victim replies back, they’re then called by the scammers posing as the bank’s fraud department. The scammers tell the victim that someone is fraudulently using their account. The victim is then instructed to make a transfer through Zelle to ‘protect’ their account. Instead, the scammers are directing the money to their own accounts.

    Bank of America has taken the brunt of the criticism in this story, since it seems mostly B of A customers who have been affected. The bank has been seemingly resistant to either issue refunds or recover their customers’ money. Many times they’ve only done so after scam victims have contacted their local media. The scam has become so prevalent across the country that even the New York media is warning consumers about the scam.

    However, it’s not just Bank of America that is seeing their customers get taken for a ride. A number of Chase Bank customers have also reported falling victim to the scam. Recently, an Ohio woman lost $13,000 to the scam, and she was a Chase customer. As of the time of this writing, Chase has not commented on whether or not the woman will be getting her money back.

    The company that runs Zelle is jointly owned by is owned by Bank of America, BB&T, Capital One, Navy Federal Credit Union, JPMorgan Chase, PNC Bank, Ally, US Bank, and Wells Fargo. There are other banks that also use Zelle even though they don’t hold ownership in it.

    If your bank uses Zelle and you receive one of these scam texts, do not reply to it. Instead, call your bank’s customer service number from the back of your debit or credit card. That way, you know you’re talking to a legitimate customer service representative. They’ll be able to tell you if there is any real fraudulent activity on your account.

     
  • Geebo 8:01 am on October 18, 2021 Permalink | Reply
    Tags: Bank of America, , , ,   

    Zelle scam victims may be entitled to get their money back 

    Zelle scam victims may be entitled to get their money back

    By Greg Collier

    The Zelle scam has been finding a lot of victims around the country. We originally posted about it here. The scam is largely affecting Bank of America customers, although we’ve also seen it affect Chase customers. In theory, it could affect any bank’s customers whether that bank uses The payment app or not.

    The scam works with the scammers posing as a bank. In this case, Bank of America, mostly. The scammers will text countless people at random. They only need to have a handful of people to fall victim to the scam to make it profitable. The text message will appear to have come from B of A asking if you’ve made a substantially large purchase lately. Within the text, you’ll be asked to reply ‘yes’ or ‘no’ if you made such a purchase. If someone replies to the text, the text is followed up by a phone call from someone posing as a customer service rep from the bank telling you that someone has accessed your account. The victim will be then instructed to move the money in their account to a ‘safe place’ through Zelle, with the claim that this will keep their money safe. What’s really going on is that you’re transferring your money to a scammer’s account, and they make off with your money.

    For the most part, victims can’t get their money back. Zelle offers no protections for this, and the banks usually tell scam victims that there’s nothing they can do. Sometimes victims do get their money back after speaking with their local media. However, it seems more like the banks are doing this for PR reasons rather than any kind of responsibility to the customer.

    That may be changing, as a little-known federal law known as Regulation E states that banks are supposed to refund customers if the customer is the victim of a fraudulent transaction on their account. That includes when a third party tricks a victim into sharing account information. However, it does not protect the customer if the customer uses Zelle knowingly to buy something online and never receives that purchase. But for this scam, victims should be able to get refunds, theoretically. Whether the banks will try to prevent these refunds remains to be seen.

     
  • Geebo 8:00 am on September 23, 2021 Permalink | Reply
    Tags: Bank of America, , , , , ,   

    Text message scams using big name companies 

    Text message scams using big name companies

    By Greg Collier

    We think it’s safe to assume that many mobile phone users would prefer to receive a text message than a phone call. Text message are just so much more convenient than stopping whatever you’re doing to take a call. Except, not every type of communication can be done through text messaging. For example, if you needed any kind of customer service, it would be painstakingly long to do that through text. That’s not even taking into account that text messages have become yet another domain where scammers thrive. Scammers love the anonymity that text messaging allows. This lets them pose as just about anyone, and lately, they’ve been posing as some of the best known companies in the country. We’ve recently read reports that say there a two text message-based scams that happening all over the country.

    The first text message scam we heard about recently is offering COVID-19-based discounts to customers of Verizon, one of the nation’s largest phone providers. Here is an example of what the text message says…

    “COVID-19 REFUND. VERIZON COMPANY is giving out $950 to all users of our Verizon service, If yes kindly text your Verizon.”

    As you can see, the text message isn’t very well written, which is a great indicator that the text message is a scam. The messages also contain a link that you shouldn’t click on as it could do untold damage to your device, or ask you for personal information you shouldn’t be sharing. Not only are scammers posing as Verizon, but they’ve also been posing as Netflix and Hulu, among other companies. As much as we’d like them to be, these companies aren’t in business by giving away money to their millions of customers.

    The other texting scam involves large national banks Chase and Bank of America. In this scam, victims have been receiving texts that say something along the lines of…

    Chase Bank Fraud. Did you attempt $5,000 Zelle-transfer? Reply yes/no/help.

    Or…

    “Bank of America fraud alert. Did you just attempt a Zelle transaction of $3,500? Please reply yes or no.”

    Most people would probably text no back to the sender. However, the senders are just scammers who are fishing for your banking information. Once someone replies to the text, it’s followed up with a phone call from a scammer posing as bank customer service. The scammers will then walk you through a process on Zelle that allows them access to your bank account. Before you know it, it’s been cleared out. What makes this scam so problematic is that banks do sometimes text their customers to let them know if there has been fraudulent activity on their account. In this case, it’s always best to call the customer service number on your debit card than responding to the text.

    A good way to protect yourself from such scams is to verify any text you receive about money with a phone call. Even if it’s from people you know because any phone number can be spoofed.

     
  • Geebo 8:00 am on August 13, 2021 Permalink | Reply
    Tags: Bank of America, , , ,   

    Man loses half of his savings in bank impersonation scam 

    Man loses half of his savings in bank impersonation scam

    By Greg Collier

    It’s a scammer’s ‘job’ to make them appear as legitimate as possible, no matter how outlandish their request might be. That’s exactly what happened to a San Francisco man recently when scammers convinced him to transfer half of his life savings to a different bank.

    The call appeared to come from the man’s bank, which was Bank of America. The name and number appeared on his phone as being from his bank, so at the start the man didn’t have a reason not to believe it wasn’t his bank calling. The scammers told him that someone was accessing his bank account in Georgia. It’s not unheard of for banks to call their customers to warn them of fraudulent activity on their accounts. So, the man still believed he was talking to his bank. However, what happened next should have been a tip off that this was a scam call.

    The scammers told him that in order to protect his money, the man needed to transfer his money to another bank account with a different bank. He was given instructions on how to use the payment app Zelle to send his money to a Chase bank account for ‘protection’.

    Of course, the Chase account belonged to the scammers, who emptied the Chase account as soon as the man’s money landed in their account. Luckily, Bank of America was able to issue him a refund, but this is the exception rather than the norm.

    If a bank calls you, it’s not wrong to be immediately suspicious. If you think it’s not your bank calling you, politely hang up and call the bank directly using their customer service number that’s on the back of your bank card or on the bank’s website. You can even go to your local branch if that’s what you prefer. Any of those avenues will be able to tell you if there is an actual issue with your account. Also, banks will never tell you to use an app like Zelle to move money around. Zelle, and apps like it, are specifically designed to pay other people or receive payment from other people. If someone claiming to be from your bank tells you to transfer money using one of these apps, there’s a high possibility it’s a scam.

     
c
Compose new post
j
Next post/Next comment
k
Previous post/Previous comment
r
Reply
e
Edit
o
Show/Hide comments
t
Go to top
l
Go to login
h
Show/Hide help
shift + esc
Cancel