Still, there are so many ways to lose money, not only through Zelle, but other money transfer services like PayPal and Venmo. The fraudsters had claimed to represent a government agency, bank or existing service provider, according to Early Warning Services, Zelle’s owner. In June 2023, after intense pressure from the government and media outlets such as this one, Zelle’s participating banks started to reverse transfers for some customers who had been duped into sending money to scammers. Several banks that participate in Zelle, including Bank of America, JPMorgan Chase and Wells Fargo, are reportedly on the verge of announcing plans to refund some customers for fraudulent purchases made through Zelle. The Consumer Financial Protection Bureau (CFPB) is reportedly preparing new guidance that would require banks to reverse fraudulent transfers. (Here are the executive contacts for Zelle.) There’s an ongoing class action suit against Bank of America that claims the financial institution downplayed “huge” security risks of linking Zelle to one of its bank accounts. Zelle, a peer-to-peer payment app, is under fire for enabling fraudulent transfers between customers and scammers. Pauleen thinks it’s because the person feared they were the target of a Zelle scam. ![]() The unintended recipient didn’t respond to her daughter’s frantic calls. “The number to which she sent the money was just one digit off,” says Pauleen. She’d received a routine confirmation from her bank but no hint that her transaction was about to become yet another chapter in an ongoing saga of Zelle scams and accidental money transfers. When Susan Pauleen’s daughter sent her $1,725 rent payment through Zelle, she had no reason to suspect a problem.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |