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From 2022 to 2023, Zelle cut the rate of scams by nearly 50% even as the volume of transactions grew 28%, resulting in less money scammed in 2023 than in 2022, said Ben Chance, the chief fraud ...
A new report from Sen. Elizabeth Warren (D-Mass.), on the other hand, estimates that the number of scam and fraud complaints on Zelle has increased rapidly in recent years.
The CFPB put Zelle-related fraud losses at more than $870 million involving customers at just the three banks alone over seven years since the launch of the app in 2017. Zelle disputes how the ...
Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the ...
Zelle's chief fraud risk manager, Ben Chance, meanwhile, told Fortune that the app is doing everything it can to minimize the risk of scams. ... "If you linked the app to a credit card or debit ...
In an earlier interview with Fortune, Zelle’s chief fraud risk manager, Ben Chance, said Zelle is doing everything it should to prevent fraud, placing the responsibility for shutting down ...
Zelle has long argued its fraud and scam rates are low. It processed $629 billion worth of payments in 2022, according to the network, with 99.9% of transfers made without a fraud or scam report.
CFPB sues top US banks, says they allowed fraud on payment platform Zelle December 20, 2024 at 9:37 AM FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters ...