ArcaMax

Why is $2,000 missing from Thomas Andersen's Chase account? And what is Zelle Quickpay, the application that allowed someone to access his money?

Q: My chase checking account was hacked and money was transferred to an unknown entity with Chase's New "Zelle Quickpay" feature. This is a feature that was introduced in 2017 by Chase and is automatically linked to your checking account, even though I never signed up for nor authorized its usage. Yet, its automatic addition to Chase accounts allowed hackers to withdraw $2,000 from my account.

Chase is taking no responsibility. The company claims that I "must have" done the transaction. I have been their customer for 18 years, I have never used Zelle in my life. I discovered the fraud within hours and called Chase immediately, yet they did nothing to stop or reverse the fraud.

I want my money back that was stolen. And I want an explanation from Chase. How was this even possible? I am a computer expert and very familiar with security. Chase has two-stage authorization enabled, so even if my password was exposed, it's nearly impossible to access my account without physical access to my phone or computer, which all are secure, untouched and in my possession. Can you help? -- Thomas Andersen, San Jose

A: You shouldn't be held responsible for this security breach -- especially since you never used Zelle Quickpay.

What's Zelle Quickpay? It's a way to send money electronically between two private parties. (Think of it as PayPal for banks.) My bank offers Zelle as an option, too.

Last summer, NBC News reported that scammers were calling victims to report "bank fraud." They send a text message to your cell phone, ask you to read it to them, and then set up a fake Zelle account in your name.

Chase should have quickly responded to your fraud report and offered a full explanation. If you had indeed used Zelle, then there would have been some proof that you set up the account. "Must have" doesn't cut it.

I'm troubled by this scam, because anyone could have fallen for it. When your bank calls to report fraud on your account, most people are trusting and cooperative. But your story, and others like it, suggest you should be skeptical. If a "bank" calls you and starts asking questions, ask to call them back. Then initiate the call to the bank and ask to speak to the fraud department. Never, ever share information like passwords, security codes or any other personal information to someone who calls from your bank. Chances are, it's a scam.

By the way, I list the names, numbers and email addresses of the Chase customer service executives on my consumer advocacy site, Elliott.org. I suggested you contact one of them to share your tale of losing $2,000.

And that's what you did. You wrote a "crisp and to-the-point letter" to the executives, stating only the facts. After a few more days, you reported that Chase returned the money that was taken out of your account without an apology or explanation.

I asked Chase for a comment, but it did not respond, either. You decided to close your Chase account.

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Christopher Elliott's latest book is “How To Be The World’s Smartest Traveler” (National Geographic). Get help by contacting him at http://www.elliott.org/help

© 2020 Christopher Elliott.