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The email alleges that the buyer paid using a Zelle business account and that the seller must also upgrade to a Zelle business account to receive payment — for a fee of a few hundred dollars.
Fraudsters are likely drawn to Zelle for its ubiquity and ability to instantly transfer cash directly from a bank customer’s account, said Teresa Murray, a consumer watchdog for U.S. Public ...
Scam and fraud claims from Zelle users are on pace to increase 183% at four banks her office surveyed, from more than $90 million in 2020 to more than $255 million in 2022.
Consumer fraud is on the rise. "The FTC recently released data that shows consumers lost $8.8 billion last year to fraud, a 30% increase from the year prior," said Debt.com chairman Howard...
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's chief fraud risk manager, Ben Chance, meanwhile, told Fortune that the app is doing everything it can to minimize the risk of scams. ... Read the original article on Business Insider. Show ...
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 ...
If you have been one of the millions of unlucky victims to have been swindled out of money by a con artist using Zelle, you may soon be able to receive financial compensation more easily. However ...