Fraud, Scam Cases Increasing on Zelle, Senate Report Finds
Headline from NBC Chicago
Since being launched in June 2017, Zelle has become a popular way for bank customers to send money to friends and family. Almost $500 billion in funds were sent via Zelle in 2021.
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A report from Democratic Massachusetts Sen. Elizabeth Warren's office alleged fraud and scam incidents are becoming more frequent on the payment service Zelle.
Since being launched in June 2017, Zelle has become a popular way for bank customers to send money to friends and family. Almost $500 billion in funds were sent via Zelle in 2021.
CNN -- Fraud and theft are causing some major problems for Zelle. Senator Elizabeth Warren's Office looked into the issue. Warren's Office found that data from large banks found fraud is increasing on Zelle and banks are not providing refunds. This could be a violation of federal law.
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Fraud, Scam Cases Increasing on Zelle, Senate Report Finds | Since Then