Why ZELLE is DANGEROUS! Why You Shouldn't Use Zelle!

Zelle has dangerous flaws & gotchas most users don't know about. Zelle users are scammed and fraud victims more than users of other money transfer apps. Find out why using Zelle is dangerous & risky.

Recommended Video: I Was Nearly Scammed in WhatsApp!

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CHAPTERS
00:00 Intro to "Avoid Zelle, Say No to Zelle"
00:27 Quick Primer on money transfer apps
01:12 My view on money transfer apps
01:50 Zelle: A risky & dangerous app
02:56 My Google search on "Zelle hacked"
03:32 Why Zelle is risky & dangerous
04:45 How Zelle works
06:37 Zelle in the news
08:25 What Clark Howard recommends

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⚠️ DISCLOSURE ⚠️
* This video is only intended for general information and entertainment purposes, not professional advice.
* My opinions are my own. They do not necessarily represent anyone I work with or am associated with.
* I speak from my own knowledge, research, & life experiences. What I teach & share may not be suitable for you or your situation. Hire a qualified professional if you need to address a specific issue or situation.
* Matthew Chan, Real Estate Broker, Intrepid Factor. GA License: 391253​​ & FL License: 3545433
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#zelle #cashapp #venmo #paypal #moneyapp #p2pbanking #mattcommand1

[MattCommand]

What are your thoughts on Zelle? Do you use Zelle? Let me know in the COMMENTS below. If the video was helpful to you, please hit the LIKE button. Also, SUBSCRIBE to get notifications when I upload new videos. Thank you for your support and watching the video!

[protectorofillinois]

Matt, a big thank-you for covering this. I only used Zelle once and I got an instant message that the payment went through, but I haven't used it in so long since that time. Knowing about these scams and frauds occurring, my bank removed the service from my account, which I'm so happy about.

[marysawyer]

I’ve used it a few times and loved that it was instant gratification to me or to someone I know. Knowing what’s going on I’ll now decide to not use Zelle. Thank you.

[Galantski]

I use Zelle, but not a Zelle app. It's accessed through my bank. I've paid my rent through Zelle since Jan. 2021 with zero issues. I don't use it for automatic withdrawals. The woman sending $3000 with Zelle for whom she thought was a friend just wasn't prudent. Making a direct contact with her friend would have eliminated the danger. Also, I don't use the Zelle app. but have it set up with my bank, which also makes phishing more difficult.

[nickv]

Being hacked and being scammed are two different things. I've had no problems with Zelle but I don't have the app on my phone. I always use my laptop to log into my bank and I use two factor authorization to log on. This simple method makes it very hard for anyone to get into my bank account.

[michaelduckw]

Hey thanks for the advise. I would never have thought it was that unsafe until I saw your video.

[jamesstuart]

Up here in Canada we have a secure money transfer system called Interac. It's run by the banks

[HadithWeekly]

Thank you so much man. I really appreciate your videos, came from the whatsapp video you made also loved it!

[alishakillebrew]

Thank you for the excellent work you are doing…!!!✨✨✨

[joeblow]

Thank you for the very useful information. After hearing horror stories about Zelle a few years ago, I declined to use it when my bank pushed it as a convivence of "banking". I didn't know the Banks created it. That explains it.

[scoop]

Thank you for this informative video. You fully explained why and how Zelle is dangerous which Clark did not. He just said to deactivate it. Now I know why it is so dangerous.

[tamstastylife]

thank u so much for making your videos. super informative

[AnthonyMiyazaki]

Interesting video Matt. Very informative. Thanks for sharing this with us.

[theresakoch]

I had fraud happen with my Credit Union via Zelle & they just told me that $$ is gone. So now I’m looking into a class action lawsuit. I have a call into branch manager before I start a lawsuit. Banker told me I can not block Zelle from account…so closed down the account & opened a new one. But I’m still considering seeing the Credit Union.

[claudiaschneider]

I was the victim of identity theft and to make things a lot worse I also was victimized by Zelle. I don't use Zelle ever and yet somehow my bank account was hacked and a unauthorized transfer of a thousand dollars was stolen and my bank Wells Fargo won't help me get my money back.

[BimmerWon]

This is why I transfer money only to people I know very well with Zelle, just family right now. I ask them to request money, I get the request, then I send them the money. That way I’m expecting a request and I know I’m sending it to the right person. Any request I get when not expecting it I ignore or confirm it with them personally to see if they sent it. I pay my mom $600 a month so in order to avoid getting a 1099-K tax form with Venmo mistakenly I use Zelle.

[nancygoodman]

I've been using this through my financial institution and have had no problems so I will continue to use it. I use no Zelle app.

[alfredoh]

Thank you for this update on zelle, only used that zelle one time, will not use again, PayPal is the way to go

[kristinaanderson]

Hawaii banks were slow to adopt Zelle but they are very conservative to begin with. For that reason I never used it or signed up for it and after watching this, won’t.

[privatemoneygodfather]

Wow!! I'm going to stop using Zelle immediately! Another very informative topic! Thank you Real Estate COMMAND!!