Here are some tips explaining what the pay yourself scam is and how to recognize it.

Your bank will never contact you and request for you to send money through Zelle. And they will never ask for that one time code to resolve a fraud !

Here are the details of the “pay yourself” scam

1). You receive a text message that looks like a fraud alert from your bank about unusual activity. The text may look something like “Did you make a purchase of $100.00 at ABC merchant?”.

2) If you respond to the text, you have now engaged the scammer and will receive a call from a number that appears to be from a bank.

3) They’ll appear to be a representative from a bank and will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle®.

4) The scammer will ask you for a one-time code you just received from a bank.

5) If you give them the code, they will use it to enroll their bank account with Zelle® using your email or phone number.

The scammer now has the ability to receive your money into their account.

What you can do to help stay protected

1) Don’t trust caller ID — it’s not always who it says it is.

2) Don’t share codes based on a call you receive.

3) Don’t be pressured to act immediately.