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The payment platform owned by JPMorgan, Bank of America and Wells Fargo is being investigated by regulators, but says the real solution is more money to law enforcers
Scam and fraud claims from Zelle users are on pace to increase 183% at four banks her office surveyed, from more than $90 million in 2020 to more than $255 million in 2022.
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 ...
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 ...
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.
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 ...
Here’s a breakdown of why the payment service has come under fire — and what you can watch for on Zelle to protect your own cash. ... one to make the charge, customers get a phone call ...