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Someone gained access into my email and bank accounts (this is actually very easy, that’s why every serious bank offers a 2-Step Verification system), and used this information to register in **Zelle** and **steal 800$** from my account.
This is how I became aware of Zelle, a digital payments network associated with Chase and other big banks. The big inconvenience (and they won’t tell you about it) is that, apparently, they can’t track nor retrieve the money that was sent through Zelle. And to top it off, if you use online banking (who doesn’t?), they force you to have it as a payment option, no matter what. You can’t shut it down.
After researching a few minutes about it, I found out that stealing money through Zelle has become a **very common scam**. It couldn’t happen otherwise, because:
1. It’s very easy to steal the password from someone’s email and bank accounts. If it happened to me, being a fairly advanced computer user, I can’t imagine how many thousands of people are losing their money in the same way.
2. All you need to register and use Zelle is access to someone’s email and bank accounts. It requires no verification whatsoever.
3. Chase Bank only offers a 2-Step Verification system to clients with 75.000$ or more.
4. If you use online banking, Chase Bank FORCES you to have Zelle as a payment option.
5. With Zelle, you can move money very easily, without verifications of any kind.
6. Chase Bank REFUSES to retrieve your money, if sent through Zelle. After investigating for one month, they’ll conclude that it was YOU the one who used Zelle. I called them just an hour ago, and they even told me that the scammer used the same IP as me, even though I use a different one every time, because I use VPN. So they LIED on my face.
**In summary:** Chase Bank is associated with a digital payment system (Zelle) they can’t (or refuse to) control; they FORCE you to have it as a payment option, and if some hacker uses it to steal money from your bank account, Chase Bank accepts no responsibility, and REFUSES to retrieve your money, protecting the scammer instead.
I’m furious with Chase Bank. I feel not only betrayed, but scammed.
It’s not only me, but thousands of people who are being robbed through Zelle, and Chase won’t do anything about it.
They expose you to a very unsafe payment system, but refuse to accept any responsibility. This unacceptable behaviour actually encourages fraud. They are participating in this scam.
I lost 800$, but others lost thousands of dollars. It could have been much worse.
They lost me as a client, forever.
Beware of Chase Bank
Someone else reported the exact same scam yesterday: https://reddit.com/r/personalfinance/comments/b0a51e/chase_is_refusing_to_help_with_fraud_case/
Sounds like a few hundred CFPB complaints would do Chase Bank some good
I love zelle but I don't see how banks are going to continue supporting them. It's just constant scams.
The can't track thing isn't correct. I have used Zelle extensively through my Ally bank account for a long time and it shows every Zelle payment I've ever made in the history and who it was sent to. I'm sure Chase has the same information.