LOUISVILLE, Ky. (WDRB) -- Zelle, like Venmo, makes transferring cash very easy, but it also can make things very easy for scammers to access.Â
The state of New York is suing Zelle after many people have lost money. The lawsuit claims users have lost more than a billion dollars to scammers.
The problem is that the app doesn't have protections like credit cards, where you can often get your money back in the event of fraud.
Several other money transfer apps have similar risks, like CashApp and Venmo.
Consumer reports warn that if you send money to the wrong person, it's likely gone forever. They also say beware of calls and emails from the app, as they are often scams.
Be very careful googling Zelle for help, you may end up calling a scammer, who will get you to log into your account and drain it in seconds.
Zelle is safe to use if you are transferring money to people to know, but for business transactions you have few protections.
More area business stories:
Buffalo Trace Distillery is back to business after historic flooding in April
Barry Bagels set to open 3rd Louisville location downtown
Texas Roadhouse doubles down in Louisville with $25M purchase of corporate headquarters
Gourmet cinnamon roll bakery set to open 1st Kentucky location in St. Matthews
