Fraudsters Change Tactics in Zelle / P2P Fraud Scam

The Zelle / P2P fraud scam is widespread and has been making local and national news as the social engineering tactics used by fraudsters in this scam continue to evolve.

A newer version of the scam has fraudsters, impersonating a Zelle user’s financial institution, conning the user into using Zelle to transfer funds to themselves using their mobile phone number under the guise that it will replace funds stolen from their account.

However, the Zelle transfers go to the fraudsters.

The Zelle / P2P fraud scam continues to result in large fraud losses for credit unions. Fraudsters continue to target members of credit unions; however, they’ve adapted to a newer version of the scam that has made headlines across the country.

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