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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...
Early Warning Services touted its safety record in a statement this week, saying, "Tens of millions of consumers use Zelle without incident, with more than 99.9% of payments completed without any ...
As the Detroit Free Press reported, bank transfer and payment scams accounted for a loss of $1.59 billion in 2022, followed by crypto fraud ($1.43 billion), wire transfer rip-offs ($310.9 million ...
The agency says the entities failed to protect consumers from fraud. ... In 2023, according to Zelle, 99.95% of payments were sent without reports of scams and fraud, although there was a 27% ...
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.
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 ...
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 ...
More than 100 million people, all with U.S. bank accounts, have access to Zelle, according to EWS. Impersonator fraud was the most-reported scam in 2022 across all payment methods in the U.S ...