Smart Money: Zelle Scams, and When to Sell Investments - KOAM (2023)

Sean Pyles


(Video) Zelle scams rising: How to avoid losing thousands of dollars


Smart Money: Zelle Scams, and When to Sell Investments - KOAM (1)

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The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securitiesor other investments.

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode starts with a discussion about protecting yourself from fraud in honor of Cybersecurity Awareness Month.

(Video) Facebook Marketplace scams to watch out for. They tried to trick me.

Then we pivot to this week’s money question from Michael, who wrote this email: “Hi Nerds, thank you for your helpful and entertaining advice. My question is, I have been a buy-and-hold investor for many, many years. So one could say I am a buy-and-hold-and-hold-and-hold investor. Over the years, the portfolio has done relatively well, and therefore, if I was going to make any changes that would be advisable at this time, the portfolio would incur very sizable tax events. This scares me, because it might be a good long-term strategy, but I may not have a long time. So I have just continued to hold and get old. Not bad, but what would you suggest? Thanks.”

Check out this episode on any of these platforms:

Our take on peer-to-peer payment apps

Fraud has become increasingly common on peer-to-peer payment apps like Zelle. And because these apps lack the fraud protections that come with credit and debit cards, it’s harder to reclaim any lost money. If you believe you’re a fraud victim, you should file a complaint with the Consumer Financial Protection Bureau and your state’s attorney general.

Limit who you’re sending money to through payment apps to people and businesses you trust, and secure your accounts by beefing up your password strength. Cybersecurity experts recommend using different passwords for every account. Consider investing in a password management system that safely stores all of your passwords so you don’t have to memorize them.

Our take on selling stock

A decision to sell stock should take into account several factors, including the type of investment account, tax implications and retirement goals. In general, selling off stock in response to a dip in the market is not advisable because the market will eventually recover. However, for people nearing retirement, it may be prudent to sell stocks and buy more stable assets such as bonds.

(Video) New Scams to Watch Out For in 2022

You may have to pay taxes when you sell stock, but not always. If you made a profit on the stock, you’ll probably have to pay capital gains tax, whereas a loss can be used to reduce your taxable income by up to $3,000. Taxes can potentially be avoided if you pass down stocks to your heirs.

Our tips

  1. Know your strategy: Buy-and-hold is usually a better strategy than day trading, but you still need an exit plan.
  2. Consider your account options: Different accounts carry different tax implications, so research the account you’re investing from just as carefully as you’d consider your actual investments.
  3. Evolve as needed: It’s OK to adjust your strategy as you get closer to your investment goal. If you need help, talk with a financial advisor.

Have a money question? Text or call us at 901-730-6373. Or you can email us at To hear previous episodes, go to the podcast homepage.

The article Smart Money: Zelle Scams, and When to Sell Investments originally appeared on NerdWallet.

(Video) Why Zelle is Dangerous! Why You Shouldn't Use Zelle! | Online Fraud & Scams


Can I get my money back if I was scammed through Zelle? ›

Immediately report suspected unauthorized activity to your financial institution. Because you did NOT authorize a payment, you are typically able to get your money back after reporting the incident.

How can I get my money back from a Zelle transaction? ›

If you are enrolled with the Zelle® app and found an unauthorized transaction, please call us directly at 1-844-428-8542.

How do I get my money back after being scammed? ›

Contact the company or bank that issued the credit card or debit card. Tell them it was a fraudulent charge. Ask them to reverse the transaction and give you your money back.

How can I recover money from a scammer? ›

Consider filing a complaint with the Federal Trade Commission. If you've been a victim of fraud, identity theft or deceptive business practices, filing a consumer complaint with the FTC may be a good option for you to potentially recover money from a scammer.

What can a scammer do with my bank account number? ›

What Can Scammers Do With Your Bank Account Number?
  • Commit ACH fraud and withdraw your money.
  • Use your bank details for online shopping.
  • Launder money through your bank account.
  • Create and use fraudulent checks.
  • Steal your identity.
  • Gain access to your online banking information.
  • Conduct tax fraud.
5 Oct 2022

Is it safe to accept Zelle from strangers? ›

You should not use Zelle to send or receive money from strangers. Although Zelle is a safe platform for sending money — it uses bank-level encryption and advanced authentication and monitoring features for security — it is not designed for commercial transactions.

Does Zelle report to IRS? ›

Zelle® does not report any transactions made on the Zelle Network® to the IRS, even if the total is more than $600. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.

Do people who get scammed get their money back? ›

If the scammers are caught and brought up on charges, you may be able to get some or all of your money back through criminal restitution. You'll only be able to get back the money you can prove you paid to the scammers, so make sure you keep all receipts, bank or credit card statements, and other documentation.

What steps to take after being scammed? ›

Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to ​choose strong passwords when changing account passwords. REPORT THE SCAM. Reporting helps protect others.

What to do if I gave my information to a scammer? ›

Your Bank or Credit Card Account Number, Password or PIN

Call the bank's hot line, usually printed on the back of your bank card, and report the incident. If you have transferred money to a phisher, report the incident to your local police. Inspect your statements carefully for signs of account misuse.

What if a scammer has my phone number? ›

By having your cell number, a scammer could trick caller ID systems and get into your financial accounts or call financial institutions that use your phone number to identify you. Once the scammer convinces your carrier to port out your number, you may never get it back. Scam porting is a big problem for phone owners.


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