![]() There's no pending status, no chargeback mechanism, no buyer protections of any sort. Ted Rossman, a senior industry analyst at said, "The key with Zelle is to only send money to people you know and trust. To send money on Zelle, you need to enter the recipient's phone number or email - but make sure you trust them. Thus, Zelle advises that you only use the service to pay people you absolutely know and trust. In other words, if you purchase something online and use Zelle to pay for it, you have no recourse if you never receive the item you paid for.įor example, if you use Zelle to purchase an item from Craigslist, and it turns out you were scammed, Zelle won't refund you. ![]() The biggest drawback of Zelle is that it doesn't offer fraud protection for authorized payments. From a privacy perspective, it's safer than alternatives, like Venmo andĬash App, since it's harder for scammers to access users' personal information," said Nishank Khanna, chief marketing officer at Clarify Capital.īut some well-publicized incidents of fraud are a cause for concern, and Zelle's consumer protection isn't especially robust if things go wrong. "Zelle is safe because it uses data encryption which offers users increased protection. Zelle was built by banks and was engineered to be safe. ![]() Zelle is safe if you know who you're sending money to
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