Zelle transfers can’t be canceled according to Zelle’s website:
"You can only cancel a payment if the recipient hasn’t yet enrolled with Zelle . You can go to your activity page within the Zelle experience, either within your mobile banking app or the Zelle app, choose the payment you want to cancel, and then select “Cancel This Payment.”
If your recipient has already enrolled with Zelle , the money is sent directly to your recipient’s bank account and cannot be canceled."
How many fraudulent transfers were made using Zelle and Bisq? Was there any case of banks reversing the transfer?
I accidentally sent money to the wrong recipient and was unable to retrieve the funds. One would have to agree to an extensive investigation and claim their credentials were stolen. Doing so would require a lot of face-to-face legwork with their financial institution and would not be able to do so with ease in multiple instances. It could very well highlight their fraudulent intentions with the extensive identity checks involved in Zelle transfers worth doing this in.
Is it possible? Yes. Would a fraudster capable of doing it probably be more likely to use their ‘skillset’ in a more profitable venture? Most likely.