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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...
Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the ...
Sadly, these sorts of scams are growing increasingly familiar to anyone with a smartphone and a bank account, regardless of whether they use Zelle, Venmo, PayPal or other payment system. In a ...
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 ...
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 ...
Scams on payment apps like Zelle are getting so out of hand that federal authorities are starting to investigate. This week, the Consumer Financial Protection Bureau launched an investigation ...
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 ...
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