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From 2022 to 2023, Zelle cut the rate of scams by nearly 50% even as the volume of transactions grew 28%, resulting in less money scammed in 2023 than in 2022, said Ben Chance, the chief fraud ...
Zelle says it should fall on law enforcement to stop the scammers. Scams on payment apps like Zelle are getting so out of hand that federal authorities are starting to investigate.
The ongoing fake account practices at Wells Fargo were discovered by the CFPB. More recently, it fined Navy Federal Credit Union for charging customers overdraft fees even when customer accounts ...
Some critics argue that Zelle and its banking partners are misinterpreting the federal Electronic Fund ... report of fraud or scam. Zelle usage has grown significantly since its launch, from 247 ...
Banks on the payment app Zelle have begun refunding victims of imposter scams to address consumer protection concerns raised by U.S. lawmakers and the federal consumer watchdog, in a major policy ...
In other scams, bank customers get an email, text or call from what looks like a person or business they know, urging them to send funds through Zelle. “It’s frighteningly easy,” said Murray.