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This is how Bank of America described it in one email to customers: Customers get a text that looks like a fraud alert from their bank, asking about a suspicious transaction from their bank account.
To stop the fraud, you are told, you need to Zelle money to your own phone number. The scammer says the bank will send you a code via text to confirm, which the scammer will ask you to read aloud.
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Before allowing a transfer to a new recipient, Zelle requires banks to send in-app alerts showing the verified name of the person holding the account where the money is being sent, and then ...
The service allows a bank customer to instantaneously send money to a person via their email or phone number, and it will go from one bank account to another. More than 1,700 banks and credit ...
Good news for Zelle users. Thanks to a major policy change that was implemented in November, banks that utilize Zelle will now refund victims of imposter scams. Early Warning Systems (EWS), which ...
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Zelle has long argued its fraud and scam rates are low. It processed $629 billion worth of payments in 2022, according to the network, with 99.9% of transfers made without a fraud or scam report.