Wow, I may have to reconsider Zelle usage as I have it personally and business . . . I've read the warning but didn't realize the scams can be via text also. That's scary, especially if there's no recourse for a refund!!! 
@GApeachyappreciate your bringing this thread up ... was totally unaware and did not realize there were not the usual protections as other posters have expressed. Certainly "buyer beware" and it get's really scary when they can use this platform without a person being signed up!
There is a telephone organization that operates much like a credit bureau that can be instructed to regulate activities related to your telephones and I will mention them here as they can be "frozen" etc much like a credit bureau and that is the National Consumer Telecom & Utilities Exchange, Inc. (NCTUE). Whether this can help in this matter ... do not know? Suspect that few people know they even exist and can provide some control over their telephones?
Admit I froze my accounts along with my medical accounts. Need to stop here as this is off subject but many thanks! 
Oh Wow! Thanks @Anonymous and nope, I had no idea NCTUE existed. Now I'm off to research. 
@tcbofade wrote:
@Brian_Earl_Spilner wrote:
@tcbofade wrote:I understand that Zelle is not responsible... but the funds were on deposit with Wells Fargo.
...doesn't that mean that the funds are secured by the FDIC?
Here's an article on the subject. Wells Fargo is the bank mentioned. It explains the bank's reasoning behind not reimbursing victims.
https://www.nytimes.com/2022/03/06/business/payments-fraud-zelle-banks.html
Can't see the article... there's a pay wall.
Maybe I should Zelle them some cash?
The banks reasoning is simply that they don't want to lose the money either. If the funds were in a deposit account with any financial institution insured by the FDIC or NCUA and the funds were taken fraudulently, then the FI IS responsible.
If the victim authorized the transaction and got scammed, that's another ball of wax.
Sorry about that, wasn't paywall earlier, now it is for me too. Basically what wells Fargo said is they're liable for involuntary fraud. Zelle fraud is considered voluntary because the info was given to someone, such as a text message. Rest of the article talks about people finding out the banks own zelle and it's a racket.
@GApeachy wrote:I get smishing all the time but has anyone else been getting phone calls in the middle of the night where the caller plays dumb? I said hello, he said hello, I said hello, he mumbled something and I woke up enough to realize I just needed to hang up without saying another word. Then I got text messages ...one was that I called him first ...I knew not to respond to that either because obviously he woke me up. I figured someone was trying to put a name to a phone number. Then another text came in telling me to quit texting him. I blocked the number but while I was blocking I noticed google assistant was trying to transcribe another call from him. He either hung up or my just blocking that number prevented him from leaving a final message.
I can't help but wonder if her texting 'NO' that that was all they needed....her name...and with the phone number gave them all the info needed to get those funds.
Yes. This happened to me less than a week ago.
Last update: 4/8/2024
Saw two missed phone calls from the same number back-to-back. Attempted to call back and they answered and said the whole "I don't know, you called me" spiel. Then I just hung up and never called back.