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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.
"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... 8 Most Common and Dangerous Zelle ...
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.
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.
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 ...
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 ...
A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular ...
A Zelle spokesperson issued a statement, saying, "The CFPB’s headline grabbing number is misleading, as many reported fraud claims are not found to involve actual fraud after investigation."