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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.
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.
Zelle usage has grown significantly since its launch, from 247 million transactions in 2017 to 1.8 billion in 2021, while the proportion of fraud and scams has steadily decreased."
If you have been one of the millions of unlucky victims to have been swindled out of money by a con artist using Zelle, you may soon be able to receive financial compensation more easily. However ...
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 ...
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Early Warning Systems has previously said that 99.9% of all transactions happen without complaints of fraud or scams. A group of Democratic senators asked for usage data on Zelle after the Times ...
In 2021, lawmakers included a change to the tax law in the American Rescue Plan that requires third-party network transactions to note and report all payments greater than $600 sent through their...