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A New Report Reveals Zelle Facilitated 'Rampant Fraud.' Here's How Consumers Have Been Impacted

The Ascent A Motley Fool Service

If you regularly use Zelle to send or receive money, you may want to rethink the practice, at least for now. Despite assurances that Zelle is secure, that does not appear to be the case. And based on how banking institutions have dealt with defrauded customers thus far, you may be on your own if you lose money through Zelle.

What is Zelle?

Zelle is a payment network that allows consumers to send money from their bank account to someone else's account. While Zelle is a product of fintech company Early Warning Services, LLC, it is owned by some of the biggest banks in the U.S., including Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. Zelle reported in 2021 that nearly 10,000 banks and credit unions across the U.S. were part of the Zelle network.

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