Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report
Banks are required under the Electronic Fund Transfer Act to repay customers when funds are illegally taken out of their account without authorization. Banks have argued that in cases of fraud — meaning a customer's account becomes compromised somehow and they send an unauthorized payment — they do reimburse customers.
“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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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 issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle. 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.
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 »
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 »