Search results
Results from the WOW.Com Content Network
In other scams, bank customers get an email, text or call from what looks like a person or business they know, urging them to send funds through Zelle. “It’s frighteningly easy,” said Murray.
Good news for Zelle users. Thanks to a major policy change that was implemented in November, banks that utilize Zelle will now refund victims of imposter scams. Early Warning Systems (EWS), which ...
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.
Zelle says it should fall on law enforcement to stop the scammers. Scams on payment apps like Zelle are getting so out of hand that federal authorities are starting to investigate.
“Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law,” the company said. Since its launch in 2017, Zelle has become one of the most widely used peer-to-peer payment networks in the U.S., with more than 143 million users.
Scam and fraud claims from Zelle users are on pace to increase 183% at four banks her office surveyed, from more than $90 million in 2020 to more than $255 million in 2022.
A Zelle spokesperson issued a statement, saying, "The CFPB’s headline grabbing number is misleading, as many reported fraud claims are not found to involve actual fraud after investigation."
The controversial regulator alleges the banks failed to prevent fraud on Zelle, a payment platform they co-own. JPMorgan Chase, Bank of America, and Wells Fargo sued over Zelle scams that cost ...