ORLANDO. Fla. – Consumer banking company Chase will not allow its users to send Zelle payments from contacts originating from social media in order to protect users from scams, it said in an email.
The bank warned users that 50% of scams reported to Chase come from social media, according to its website.
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Chase users received an email notifying them of the shift, stating, “to help protect you, we’re making a change.”
Zelle is a money transfer service where users can send their friends or family money, which goes goes directly into their bank account, according to their website. It also states that Zelle is offered in over 2,000 banking apps, works with other banks and is free for users.
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Zelle payments, along with cash, checks, wire transfers, don’t offer purchase protection, meaning it is unlikely for users to receive their money back if scammed through these forms of payments, according to Chase.
Read more information on Chase’s website.
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