Scam Alert: Zelle Payments on Facebook Marketplace

TrainMyParent.com
Oct 6
2 min read

Most of us use online marketplaces like Facebook or eBay to sell our excess stuff, and the TrainMyParent.com team has successfully sold thousands of dollars of 'stuff' on Facebook Marketplace without any issues. But, as I always tell the people interested in purchasing my stuff, I only take cash. Here is one reason why: The Zelle scam.

Zelle is a popular way for friends to quickly pay each other, say for splitting a meal or weekend activity. All it requires to pay someone is their email address or telephone number, and the money gets transferred right into the recipient's bank account. In the Zelle scam, typically a person is selling an item for around $100, and the scammer acts as a potential purchaser of the item, asking to pay by Zelle. If the seller agrees to accept Zelle for payment, the scammer says they will send the money as soon as the item is marked as sold.

After marking the item as Sold, the seller receives what looks like a Zelle Receipt text or email indicating that the $100 was paid by the buyer, but the transaction is on hold because you cannot receive business payments. You will need to request an additional $500 from the buyer in order to upgrade your Zelle account to a business account. No worries, the scammer says they will pay you the extra $500 as long as you refund it back through Zelle after the transaction is completed. They get you to speak with a Zelle representative, who guides you step by step through the "resend" process. As soon as it looks like you received the $600 and you refund their extra $500, you realize they never paid the $600 in the first place, and you have just lost $500.

making a purchase at a yard sale. — Cash is king!

When dealing with buying and selling items with strangers, whether it is on an online

marketplace, through the want ads, or Craig's list, it is recommended to deal only in cash. Cash is king. Cash can be handed over when the item is handed over in an even exchange. If there are any safety concerns, or a large monetary amount is involved, you might want to conduct the transaction at a police station. Check with your local police, but many police stations offer safe transaction areas, complete with good lighting, video recording, and sometimes lobby access.

Learn how you can protect yourself or your family by enrolling in the Complete Internet Security Basics and Phishing Awareness Course for Parents on TrainMyParent.com

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