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As the Zelle website states, “Unlike a credit card, Zelle does not offer a protection program for any authorized payments made with Zelle — for example, if you do not receive the item or the ...
The agency says the entities failed to protect consumers from fraud. ... to Zelle, 99.95% of payments were sent without reports of scams and fraud, although there was a 27% increase in transaction ...
Credit card companies, by contrast, charge fees on every transaction. ... "Tens of millions of consumers use Zelle without incident, with more than 99.9% of payments completed without any report ...
Neither Zelle Nor Venmo Offers Purchase Protection. ... to a credit card. If you fall victim to fraud and used the credit card to pay through Venmo, your credit card company should cover the charges.
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 ...
Zelle and the banks behind it have pointed to the growing number of users as an explanation for increased claims, and the fact that the vast majority of transactions on the service — more than ...
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.
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 ...