Archive - September 2022 | San Luis Valley Federal Bank

Pay Yourself Scam

Posted On: September 7, 2022 by San Luis Valley Federal Bank in: Financial Education

Send Yourself Money? That's a Big Red Flag

Scammers are always creating new ways to steal your money. One of the recent scams utilizing peer-to-peer payment services is what's known as the "Pay Yourself Scam."

The gist of the scam is that someone pretending to be a representative from your bank or credit union tells you that there has been a fraudulent transaction, and in order to stop it, you need to send yourself money with Zelle®. That sense of urgency really works...

Tags: Financial Education, Scams, Zelle