Finance

Zelle Facebook Marketplace Bank Transfer Scam: How To Recognize and Avoid This Scam

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This is a guide for Zelle Facebook Marketplace bank transfer Scam. I have explained in details about How To Recognize and Avoid This Scam. Fake bank transfer is real. First of all, is zelle safe to receive money from strangers? This is a very crucial question to ask yourself before using it. If you’re among those people who sell their stuffs on Facebook Marketplace, you have to be aware of a scam alert recently issued by the Better Business Bureau (BBB).

The BBB alert warns social media users of the popular Zelle scams on Facebook Marketplace. According to them, the fraudulent buyer attempts to buy an expensive item using Zelle payment, the peer-to-peer lending app, to make payment to you. Scroll down and see more details on Facebook Marketplace Zelle and Venmo Scam where the online scammer pretends to show interest in buying the item that you listed for sale. They ask for a Zelle QR code or Venmo information and if you send it to them, they empty your bank account.

Zelle Scams on Facebook Marketplace Group

Many people are referring to this scam as the Zelle business account scam because they attack sellers who lists items for sale. Previously, I wrote about Zelle Scams Alert – Professional Guide to Protect Your Money and Bank Account from Fraudsters. Now, lets show you how it works in different subheadings.

What is Zelle?

Zelle is a United States–based digital payments network owned by Early Warning Services, LLC. It is a privately owned financial services company owned by the banks such as Bank of America. Other banks includes, Truist bank, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. Truthfully, Zelle® is a fast, safe and easy way to send and receive money with friends, family and other people within your circle that you trust. This Zelle app officially allows you to quickly send money between banks, typically in minutes. But know this; all you require to send money with the Zelle app is ONLY the receiver’s email address or phone number. It is similar to Paypal Online Payment. These days, fraudsters are brilliantly using a seller’s email address to set up this scam. Be watchful.

How Does the Zelle Business Account Scam Work?

The scam works in a tricky way because the fraudster targets Facebook Marketplace sellers who’ve listed several items worth several hundred dollars. This make the seller a target because selling a big-ticket item requires online transaction.

In general, an online buyer contacts a seller via Facebook requesting to buy the item and make online payment by using the Zelle app. Now, if the you, the seller agrees, the buyer asks for your email address to send the payment across. But the buyer does not send any payment to you.

Listen carefully here; instead, the proposed buyer sends you a fake email that appears or look like its from Zelle company. The email sent to you will allege that he/she has made payment using a Zelle business account. The mail will also tell you that you have to/must also upgrade to a Zelle business account to receive the payment sent to you — usually for a fee of a few hundred dollars.

Now, the buyer contacts you the seller directly, telling you they just received the same email from Zelle and, to make things fast & easy, sent the you (the seller) enough money to cover the purchase and the upgrade fee. After that, they will ask you for reimbursement for the upgrade fee. To make it more convincing, they will provide a fake screenshots and/or documentation as proof of payment. This is to entice you the seller to send them refund for the upgrade fee. Now, because you’re trying to make a sale, the seller sends them the reimbursement without first checking their account to verify receipt of payment.

Even though the alert from the Better Business Bureau (BBB) specifically mentions Zelle scams on Facebook Marketplace, it does not mean that the a scammer cannot use other means. They could as well use any other peer-to-peer lending app, such as Venmo or CashApp etc. Just be on the look out. You can take a look at the FedEx Text Scam Alert 2022 Updates: Fake Delivery Notifications SMS & Email for more.

What you should know

Every seller on social media should protect themselves from Zelle scams on Facebook Marketplace by carefully look for obvious red flags. Always make a it a num to verify emails and payments to your accounts. To be on a safer side, a you can easily contact Zelle company to verify whether you have any issues in your account. Verify from the official Zelle app customer care to know if the account upgrade request is real or fake. In a nut shell, if you list any item for sale in Facebook Marketplace, never refund a payment without verifying that the money was actually posted to your bank account. Be wise.

FAQ about Zelle Scam Alert

Written below are some quick answers to popular questions about Zelle and Facebook Marketplace scams. Know them at the back of your mind to help mitigate the chances of being scammed.

Are there Zelle bank scams on Facebook Marketplace?

Yes there is. Officially, the Better Business Bureau (BBB) has issued a recent alert regarding a Zelle scam on Facebook Marketplace.

Can I get scammed receiving money on Zelle?

No you can’t. But you have to be very smart. In fact, if someone is registered in Zelle and receives money online, the sender cannot cancel or retrieve the transaction. They can’t get their money back unless you the receiver sends it back to them through transfer.

How can you tell if someone is scamming on Facebook Marketplace?

By all means, the best way to avoid Facebook Marketplace scams is to stay away from any untrusted transaction. These are transactions that does not seem legitimately ok. Let your instincts guide you. If at all something seems suspiciously off, trust me it likely is a red flag. These scammers are not spirits, they only rely on buyers and sellers not paying close attention to recognize their tricky tactics. In thesame vein, some TikTokers Warns people Against Zelle Scams on Facebook Marketplace, we will explain this in our next article. Lastly, stay safe and keep your bank account secured.

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Editorial Note: This content is not provided by Zelle Banking Company. Any or all opinions, analyses, reviews, ratings or recommendations in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Zelle. Lastly, the sole purpose is to guide users.