Pros and cons. The consumer is at risk, well don’t be an idiot consumer. No different than giving someone cash and them running away.
Zelle is implemented in a confusing way that's begging for fraud.
This is BoA’s page on Zelle, and it seems very clear to me:
https://www.bankofamerica.com/online-banking/mobile-and-onli...
Wells Fargo’s is similar.
https://www.wellsfargo.com/online-banking/zelle/
Wells Fargo FAQ:
> What protections do I have when I use Zelle®?
>You are protected in the unlikely event an unauthorized user accesses your consumer accounts and initiates payments using Wells Fargo Online or Wells Fargo Mobile.
>However, because Zelle® is intended to replace instances where cash and checks are being exchanged, you do not have the same protections associated with a credit card or a debit card transaction, such as the ability to dispute purchase transactions. Once you send money with Zelle®, you cannot cancel the payment if your recipient has already enrolled. Neither Wells Fargo nor Zelle® offers a protection program for any authorized payments made with Zelle® – for example, if you do not receive the item you paid for or the item is not as described or as you expected.
>We recommend you only send money to known and trusted recipients when using Zelle®.
The worst aspect is that scammers can send you money that does bounce back (because it was an unauthorized transfer from another victim, the one scenario in which they'll reverse transactions), but your money doesn't bounce back because it was authorized.