Stop Zelle Scams Before Thieves Get Anywhere Near Your Money
At last Thursday's Annual Oversight of the Nation's Largest Banks hearing, Zelle scams took center stage early as Senate Banking Committee Chairman Sherrod Brown accused the CEOs of the seven biggest US banks of not doing enough to protect customers against fraud.
"All of your banks have promoted Zelle, the payment app that most of you own. You pushed this on customers -- but you haven't taken responsibility for the fraud that it's perpetuated," Brown said in his opening statement.
The banking payment service Zelle acts as a quick and easy way to send money or pay for purchases, but its transactions are instantaneous and irreversible. And because Zelle scams require authorization from a bank account holder, some victims of fraud have had trouble getting their money back from banks.
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