Yes, Zelle is pretty insecure and does not offer the same fraud protection as a credit card: “Zelle’s speed and convenience have made it a target for bad actors looking to trick unsuspecting consumers out of their hard-earned money,” said Senator Blumenthal. “Despite this growing threat, Zelle and the banks that own it have failed to implement adequate safeguards and reimbursement policies to make consumers whole when they fall victim to scams and fraud."
The Economist's lead article last week was "Scam Inc.": "Online scamming compares in size and scope to the illegal drug industry. Except that in many ways it is worse. One reason is that everyone becomes a potential target simply by going about their lives. Among the victims we identify are a neuroscience PhD and even relatives of FBI investigators whose job is to shut scams down. Operating manuals give people like Rita step-by-step instructions on how to manipulate their targets by preying on their emotions. It is a mistake to think romance is the only hook. Scammers target all human frailties: fear, loneliness, greed, grief and boredom.
Another reason scamming is worse than drugs is that the industry is often beyond the reach of the law. ...Some of the profits buy protection from politicians and officials. In the Philippines a Chinese national called Alice Guo became the mayor of a small, run-down town and built a scamming complex there with about 30 buildings. Over $400m passed through her bank accounts in 2019-24. In Cambodia, Laos and Myanmar cybercrime is a mainstay of the economy. Scam states are likely to become even harder to deal with than narco states.
...AI will turbocharge this innovation. Even today, just 15 seconds of someone’s voice is enough to produce a clone that criminals use for impersonation. An employee in the Hong Kong office of Arup, a British engineering firm, was tricked into paying out $25m by a video call with deepfakes of his colleagues, including the head of finance...
...Today too many police forces that devote huge resources to combating the drugs trade treat scamming as a nuisance and victims as dupes."
So don't expect law enforcement or your bank to protect you from financial fraud. You need to protect yourself.