We love finding new ways to take care of finances, especially when it comes to paying friends and family quickly and securely, and without cash.

Zelle® is a new way to send and receive money with friends and family in Verve’s online banking portal and mobile. Zelle transactions typically occur in minutes between enrolled users and are safe because no bank account information is shared on either side.

However, since money is sent directly from your account to another person’s account within minutes when the recipient is already enrolled, Zelle should only be used to send money to friends, family and others you trust with a bank or credit union account in the U.S.

Because we always want you to stay safe in our app and online, we’re sharing some information below about how fraudsters can use scams to gain access to your account and then make unauthorized transactions. Knowing what to look and listen for will help you make informed decisions and feel confident about using Zelle and our online and mobile banking options.

 

Know what to watch out for

In one of the latest scams, a fraudster will attempt to trick you into giving out your account information in order to access your account. Once access is gained, they can steal your money by making unauthorized payments.

 

How the scam works

Fraudsters start by sending a text that looks like it comes from your credit union warning about fraudulent activity on your account. If you respond to the text, the scammer calls you and claims to be from your credit union’s fraud department.

The fraudster asks for personal information like your online account username, and then tells you to expect another text with a passcode, which you should then tell the caller. This passcode will give the fraudster access to your accounts, and they use that access to start transferring money as quickly as possible.

The fraudsters may even go a step further by asking you to authorize a Zelle transaction to “reverse the fraudulent charges on your account.” You will receive a text showing the details of the transaction and if you authorize it, the money will be sent to the scammer.

 

How to protect yourself

  • First and foremost, neither Verve nor Zelle will ever call, email or text you requesting you to share personal information. If you contact us, we may ask you to provide personal information to confirm your identity.
  • If you receive a call, email or text message from someone who says they’re from Verve or Zelle and they ask you to share personal information (whether that’s your phone number, email address, birthdate or username), do not provide any details. Instead, contact Verve directly. Look up the phone number on our website (800.448.9228) or visit a local branch to address whatever issue the caller may have brought up.
  • Do not authorize any payments with Zelle (or otherwise) that you have not entered into Zelle If you receive a text or email about a Zelle payment that you didn’t set up, call Verve immediately at 800.448.9228.
  • If you receive money with Zelle from someone you don’t know, it could be a money mule scam, and you should contact Verve immediately at 800.448.9228.

 

How Verve can help

If you think your Verve account is at risk because you’ve given out personal information or any other type of scam, call Verve at 800.448.9228. One of our team members can review your account activity, as well as guide you on how to safeguard your account against fraud.

It’s Verve’s goal—in line with our guiding seven Cooperative Principles—to provide education, training and information to help our members stay financially fit. Verve is committed to keeping our members educated when it comes to their finances by providing details on financial risks and ways to stay safe. Help your friends and family identify and avoid money transfer scams by sharing this blog post.

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.