Zelle needs to fix ‘significant scams and fraud,’ lawmakers say

Zelle needs to fix ‘significant scams and fraud,’ lawmakers say

Banks are facing renewed pressure to protect their customers from scams on Zelle, the payment network owned by JPMorgan, Wells Fargo, Bank of America, Capital One, and other big banks. In letters to the banks, Sen. Elizabeth Warren (D-MA), Sen. Richard Blumenthal (D-CT), and Rep. Maxine Waters (D-CA) asked them how often their customers report Zelle scams that originate from social media. Last year, the Consumer Financial Protection Bureau (CFPB…

Lawmakers Ask Banks About P2P Payments, Social Media Scams - Data Intelligence

Three members of Congress said Thursday (July 3) that they sent a letter to each of the banks that own the Zelle peer-to-peer (P2P) payment platform, asking what those banks are doing to combat social media scams. The letters were prompted by a proliferation of these scams and by the decision of one of the banks, JPMorgan Chase, to block Zelle payments that originate from social media, the House Financial Services Committee Democrats said in a …

3 Lawmakers Ask Banks About Peer-to-Peer Payments and Social Media Scams

Three members of Congress said Thursday (July 3) that they sent a letter to each of the banks that own the Zelle peer-to-peer (P2P) payment platform, asking what those banks are doing to combat social media scams. [contact-form-7] The letters were prompted by a proliferation of these scams and by the decision of one of the banks, J.P. Morgan Chase, to block Zelle payments that originate from social media, the House Financial Services Co…