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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 ...
As the use of Zelle and subsequent cases of fraud on it platform continue to rise, it’s only right that Zelle be beholden to similar refund standards and protection as individual banks that own ...
Zelle and the banks behind it have pointed to the growing number of users as an explanation for increased claims, and the fact that the vast majority of transactions on the service — more than ...
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.
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.
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.
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