Don’t Waste Your Money: Money transfer app scams

Don't Waste Your Money

(WHTM) — As money transfer apps become more and more popular, scammers become more brazen in their attacks.

Catina Brown received a fraud alert on her phone the other day that said it was from her bank, Chase. The alert asked if she was attempting to make a $5,000 money transfer via Zelle.

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“It is saying did you try to send 5 thousand dollars? And I said no, no to the text,” Brown said.

Moments after she texted back, her phone rang. On the other end, a man claimed to be a Chase Bank agent saying he was calling to help.

“He said well someone is trying to send 5,000 dollars from your account,” Brown said. To stop the fraud, the man said he just needed her login information. “He had me give him the codes,” she added.

What happened next? The $5,000 Brown thought she was locking down was instead transferred out of her account, which means she had just become the latest victim of a money transfer scam that is targeting users of Cash App, Venmo, and Zelle across the country.

As money transfer apps become more popular, more and more people are falling for this scam. The reason? People get an alert on their phones and want to fix the problem as soon as possible.

To protect yourself from scams:

  • never trust a text or call form a bank or money app
  • never give anyone login information
  • if you need to contact them, look up their Contact Us webpage

Brown, who is trying to start her own trucking dispatch company, wonders if her dreams have now gone the way of her savings. “This is taking me out, basically,” Brown said.

Bottom line? Be suspicious of anyone who claims they are with Zella, Venmo, or Cash App, so you don’t waste your money.

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