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Zelle, the Banks' Answer to Venmo, Proves Vulnerable to Fraud

NY Times

Big banks are making it easy to zap money to your friends. Maybe too easy.

Zelle, a service that allows bank customers to instantly send money to their acquaintances, is booming. Thousands of new users sign up every day. Some $75 billion zoomed through Zelle's network last year.  That's more than twice the amount of money that customers transferred with Venmo, a rival money-transfer app.


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