The report obtained by The Associated Press also found that the large banks who partly own Zelle have been reluctant to compensate customers who have been victims of fraud or scams.
NEW YORK — 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 public its first glimpse into the growing problems at Zelle.
Further, in the cases where it's clear funds had been taken out of customers' accounts without authorization, only 47% of those dollars were ever reimbursed. The cases of growing fraud and scams at Zelle have been highlighted in previous news reports, including two by The New York Times. But those stories cited mostly anecdotal evidence. Early Warning Services 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 reports in The New York Times.
“That doesn’t mean that Zelle, just like every other instant payment service, is entirely free from those who seek to defraud the American consumer,” four banking industry lobby groups said in a joint statement. “Banks know this and take steps to mitigate instances of fraud and criminal activity.” “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,” Early Warning Services said in a statement.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.
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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.
Read more »
Fraud, scam cases increasing on Zelle, Senate report findsNEW YORK (AP) — 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 public its first glimpse into the growing problems at Zelle.
Read more »
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.
Read more »
Fraud, scam cases increasing on Zelle, Senate report findsThe 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.
Read more »
Fraud, scam cases increasing on Zelle, Senate report findsThe 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.
Read more »
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