Zil Money review: Checkwriter

Around August 15th,2023 a phishing email was dispatched to numerous Notre Dame student email addresses. This email purported to be related to a work-study program, offering students the opportunity to become research assistants for Professor Eugene Henry. Under the guise of this scheme, an e-check (designated as Check #1) was electronically sent to a student on August 24th, ostensibly to cover expenses for materials, including a computer, and more. Subsequently, on August 28th, another e-check (Check #2) was issued as part of the same fraudulent operation. While Check #1 was deposited before we fully identified the deception, Check #2 remains untouched. I want to emphasize that the student has lready reported this matter to the University Campus Police for their ongoing investigation.

The heart of this scheme appears to revolve around unknown individuals who have created accounts on the Zil Money website, specifically using the Online Checkwriter feature. This service offers a 15-day trial period during which no Know Your Customer (KYC) or Anti-Money Laundering (AML) procedures are conducted. This lack of oversight enables these malicious actors to issue fraudulent e-checks with impunity. Furthermore, Zil's check writer program allows for the creation of e-checks bearing the University's logo. Notably, the ABA routing and check numbers on these e-checks also appear to be falsified (attached).

The alarming aspect of this situation is that, without the prompt closure of this 15-day trial period on Zil Money, individuals can continue issuing counterfeit checks under any company's name, likely repeating this fraudulent activity with different user accounts once the scheme is exposed.