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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 ...
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.
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.
In 2023, Zelle said in its defense, the company saw a 27% increase in transaction volume but reports of scams and fraud decreased by nearly 50%. Some 99.95% of payments were sent without reports ...
Peer-to-Peer Payment Scams. Peer-to-peer payment services — such as Paypal, Zelle and Venmo — allow users to send money from a linked bank account or debit card to each other through mobile ...