The scammers are able to 'spoof' the caller ID of the bank, and even use the names of real bank employees.
Scammers are using the fear of rampant banking fraud to lure their victims. It cost one man half his life savings.
Advocates say federal laws should protect consumers in these scams since they were tricked into giving away their funds and banks are supposed to protect their customers' accounts. And while regulators play catch-up, Zelle continues to grow. Recently, the company reported that 1.8 billion payments were sent in 2021, a 49% increase from a year earlier.
We are actively working to raise awareness of common scams and to remind customers that Zelle transfers are immediate, and should be treated just like cash. At the same time, we continue to update and strengthen our practices and procedures for combatting and helping prevent scams.
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