Instant Fraud: Consumers See Funds Disappear in Zelle Account Scam

Zelle, a popular digital payment service that is embedded in many banking apps is being leveraged by attackers to access funds in personal checking and savings accounts. All it takes for an attacker to gain unauthorized access to a victims account is a spoofed call from the attacker that appears to come from the individual's bank. The victim is social engineered to share the Zelle authorization code with the attacker which then authorizes the attacker's log-in attempt. What makes Zelle so appealing to attackers is the direct access a victims bank account due to it being embedded within banking apps with automatic connection to a user account.

Relevant URL(s): https://www.nbcnews.com/business/consumer/instant-fraud-consumers-see-funds-disappear-zelle-account-scam-n1015736