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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.
Consumer fraud is on the rise. "The FTC recently released data that shows consumers lost $8.8 billion last year to fraud, a 30% increase from the year prior," said Debt.com chairman Howard...
Zelle usage has grown significantly since its launch, from 247 million transactions in 2017 to 1.8 billion in 2021, while the proportion of fraud and scams has steadily decreased."
The chief executive of Early Warning Services, which runs Zelle, told a Senate subcommittee in July that only 0.1% of the transactions on Zelle involved a scam or fraud; in 2023, the company said ...
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.
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 ...
The Senate's Permanent Subcommittee on Investigations found that reimbursements from the three banks for transactions that Zelle users disputed fell from 62% in 2019 to 38% in 2023, Blumenthal ...
Early Warning Systems has previously said that 99.9% of all transactions happen without complaints of fraud or scams. A group of Democratic senators asked for usage data on Zelle after the Times ...