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Venmo Is Riddled with Scams – Is Zelle Any Safer?

GOBankingRates Logo By Dawn Allcot of GOBankingRates | Slide 1 of 6: In this era of online banking and mobile or contactless payments – when we’re using less cash, in part due to fears in a pandemic – peer to peer payments (P2P) have become one of the most affordable and efficient ways to pay everyone from a business to your buddy. But are they as secure as most people perceive them to be?  See: The Best Online Banks of 2021 – Enhanced Services & Low Fees Exclusive: 90% of Americans Say They’re Happy with Their Bank – But Most Could Be Getting Better Rates and Lower Fees Zelle lets you send money directly between linked bank accounts free of charge, but unlike Venmo, will not “hold” money in your Zelle account. With Venmo, you don’t need to stick to bank account-powered transactions; you can use credit cards for a fee. It’s important to know that any form of payment carries risk, digital or otherwise. Credit cards can be used fraudulently, even with EMV chip technology (that little metal square on your card that offers some security protection). People have been carrying out financial fraud since the days of “washing” checks to change the payee. But with 27.4 million users of Zelle in 2018 and 22.9 million users of Venmo, these two services are head in head in the battle for payments to our peers. Find out if either is safer than the other. 

In this era of online banking and mobile or contactless payments – when we’re using less cash, in part due to fears in a pandemic – peer to peer payments (P2P) have become one of the most affordable and efficient ways to pay everyone from a business to your buddy. But are they as secure as most people perceive them to be? 

See: The Best Online Banks of 2021 – Enhanced Services & Low Fees
Exclusive: 90% of Americans Say They’re Happy with Their Bank – But Most Could Be Getting Better Rates and Lower Fees

Zelle lets you send money directly between linked bank accounts free of charge, but unlike Venmo, will not “hold” money in your Zelle account. With Venmo, you don’t need to stick to bank account-powered transactions; you can use credit cards for a fee.

It’s important to know that any form of payment carries risk, digital or otherwise. Credit cards can be used fraudulently, even with EMV chip technology (that little metal square on your card that offers some security protection). People have been carrying out financial fraud since the days of “washing” checks to change the payee. But with 27.4 million users of Zelle in 2018 and 22.9 million users of Venmo, these two services are head in head in the battle for payments to our peers. Find out if either is safer than the other

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