As its name suggests this fly is indeed decorated. Bee flies are quite wary and it took a good deal of patience to approach closely enough to catch this handsome insect nectaring.
Some bee flies such as Systoechus sp. have a long fearsome looking proboscis but they do not sting ... it serves as a straw. As a rule these flies sip nectar while hovering (to avoid exposing themselves to Ambush Bugs?) and I seldom see them actually alight on a flower.
