The suit says Bank of America is aware of the risks to customers, but still 'touts Zelle as a secure, free and convenient way to make money transfers.'
OAKLAND, Calif. -- 7 On Your Side has reported about the many scams that drain their victims' bank accounts using Zelle, the popular quick-payment app owned by major banks. Fraudsters use a variety of schemes to trick victims into sending them money. The transfers are so fast, that they can't be traced or reversed.
7 On Your Side has interviewed many Bank of America customers who were tricked into sending money to bank imposters using Zelle. All were shocked to find out that Bank of America offers no fraud protections for Zelle transactions.California woman loses over $18K through 'Zelle' after scammers text, call her pretending to be bank
Once money is sent, it says,"there is virtually no recourse for consumers to recoup losses" due to fraud. BofA has often pointed to the customer service agreement which says:"Neither the bank nor Zelle offer a protection program for authorized payments."In latest Zelle scam, Wells Fargo customers lose thousands after fraudsters pose as bank employeesBofA initially denied claims of those who were defrauded by those bank imposters over the past two years.
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