patrick.net

This is why I don't use Zelle or any payment processing through my phone. I tell service folks, Follow me to the ATM if you want to get paid!

https://www.thegatewaypundit.com/2023/01/bank-america-customers-report-disappeared-money-accounts-due-zelle-processing-issue

Rey Garcia has trusted Bank of America with his money for 20 years.

…

“I was surprised, like, whoa,” Garcia said. “So I checked my transactions. I had, like, 15 different Zelle transactions. That was, like, a red flag for me right there because I don’t remember doing all that in one day.”

He says almost $700 went missing from his account. He called customer service with no luck getting a representative.

Honestly though I don't know why the FDIC and Banks hasn't created a way for peer to peer payments through the phone. Where a payment request is sent to a phone through your Bank app, the Payee then opens their Bank App and approves or denies the payment.
It's just proper accounting, you can't issue a credit without a debit. Just sending people money where there wasn't a request, that could be approved or denied. Makes it very easy for the bad guys to hack your phone and just send themselves payments. Also there's too much anonymity with just a one way processing app.