On this episode Ariel talks about Zelle, some cautionary tales about it and why you shouldn’t use it to save you money and to protect you from being scammed.

KEY TAKEAWAYS

• There are different ways to pay each other and a lot of people mention Zelle. Zelle is not secure and it’s rampant with fraud. A report came out on October 3rd about why Zelle is rife with fraud, how people can be taken advantage of and lose their money.
• Zelle is a financial services organisation created by a bunch of banks that they don’t necessarily control or report. In other words: If people lose their money on Zelle they never get it back and there’s no way to get it back. They’re breaking their promises to their customers and they’re potentially violating Federal law.
• The theft and fraud are rampant on Zelle, and they are increasing. P&C Bank reported that theft amounts increased from 8,848 cases on Zelle in 2020 to over 12,300 in 2022. US Bank reported 14,886 fraud and scam claims on Zelle in 2020 and it went up to 45,000 in 2022. They’re not repaying a vast majority of these cases.
• Zell says that they are a ‘platform’, like Meta and X, and because of this they’re not responsible for the loss of money.

 

BEST MOMENTS

“Zelle is: You get someone’s email and then you can send them money from your bank, but here’s why this is a problem: Hackers can break in to people’s emails and they can take that money.”
“The difference between Zell and credit cards is that credit cards have protections because if work done by the Consumer Protection Bureau called the Fair Credit Billing Act so people can get money back if something’s taken from a creditor debit card, on Zelle you don’ have any recourse at all.”
“If someone’s asking you to send money to an email address that is somebody’s personal name you really should think about this, it’s one thing to send it to your uncle, but it’s a different thing if you’re sending it to a company.”
“Unless you have millions of dollars stolen, it’s essentially like living in a lawless world.”

ABOUT THE HOST

Ariel is a Licensed Massage Therapist, Registered Clinical Hypnotherapist, Reiki Master, Empath and Psychic who has been involved in holistic healing since 1988. She is also an educator, speaker, author and mentor for empaths, spiritual seekers and medical professionals. To reach Ariel, go to www.arielhubbard.com, where you will be able to contact her directly.  Please let her know you heard her on the podcast and the assistance you need or question you have.

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