Bill Fraud

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 Bill Fraud 

Zelle is a financial service that allows customers to easily send money to friends and family. Yet the very same features that make Zelle so quick and efficient for transferring funds are also being exploited by cyberthieves for monetary gain. Hackers and scammers use the system to pilfer funds away from consumers in payment fraud schemes, sometimes wiping out entire bank accounts.


What you need to know: 

Bill fraud — or payment fraud — is any type of bogus or illegal transaction where the cybercriminal will divert funds away from consumers. And these schemes work — according to recent data from the FTC, consumers reported they have lost over $1 billion in fraud complaints from January 2021 through March 2022. 

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