Whether you’re splitting a tab, or paying a babysitter, Zelle is the most popular way to transfer money electronically in the U.S., processing more money than Venmo and CashApp combined, lawmakers have found.
But Zelle is also popular among thieves.
Each year, millions of dollars are stolen from consumers through Zelle in fraudulent transfers, data shows, and victims say getting help or refunds from their banks has been difficult.
That could soon be changing, as the Wall Street Journal reports the big banks that own Zelle’s parent company, Early Warning Services, have been meeting and negotiating the standardization of refund procedures, as well as the sharing of liability within the Zelle network.