The report also found that the large banks that partly own Zelle have been reluctant to compensate customers who have been victims of fraud or scams.
For instance, less than half of the money customers reported being sent via Zelle without authorization was being reimbursed.
Zelle is the banking industry’s answer to the growing popularity of peer-to-peer payment services like PayPal, Venmo and the Cash App. The service allows a bank customer to instantaneously send money to a person via their email or phone number, and it will go from one bank account to another. More than 1,700 banks and credit unions offer the service. But the service has also grown more popular with scammers and criminals.
The Consumer Financial Protection Bureau has also been looking into Zelle and other payment platforms, and is expected to issue regulations that could require banks to reimburse customers for a wider array of scams and fraud. Warren made fireworks at a Congressional hearing last month involving most of the CEOs of the big Wall Street banks that use and partly own Zelle, where she pushed each of the CEOs to release fraud and scam incident data at their banks. The seven are: JPMorgan Chase, Wells Fargo, PNC Financial, Truist, Bank of America, Capital One and U.S. Bank.
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How scammers used Zelle to clean out one man's bank accountIt took just a few minutes of clever manipulation for scammers to clean out Marcas Miles' bank account using Zelle.
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How scammers used Zelle to clean out one man's bank accountIt took just a few minutes of clever manipulation for scammers to clean out Marcas Miles' bank account using Zelle.
Lire la suite »
How scammers used Zelle to clean out one man's bank accountIt took just a few minutes of clever manipulation for scammers to clean out Marcas Miles' bank account using Zelle.
Lire la suite »
How scammers used Zelle to clean out one man's bank accountIt took just a few minutes of clever manipulation for scammers to clean out Marcas Miles' bank account using Zelle.
Lire la suite »
How scammers used Zelle to clean out one man's bank accountIt took just a few minutes of clever manipulation for scammers to clean out Marcas Miles' bank account using Zelle.
Lire la suite »
Fraud, scam cases increasing on Zelle, Senate report findsIncidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report coming out Monday from the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle.
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