Consumers lost almost a billion dollars to Zelle fraud between 2017 and 2023. While that sounds like a lot, Zelle transferred over a trillion dollars last year. Zelle – officially Early Warning Services – is owned by the big banks including Wells, Chase, Bank of America and a few others. While many kinds of bank […]
Continue reading → [DISPLAY_ACURAX_ICONS]Feds Sue JPMorgan, Wells, BofA Over Zelle Fraud Given the administration is changing next month and the new administration is not fond of rules that negatively impact business, I don’t know if this lawsuit will go anywhere, but the complaint said it took Zelle years to respond at all to Zelle fraud and in most […]
Continue reading → [DISPLAY_ACURAX_ICONS]Thru October, depository institutions (mainly banks) filed 440,000 suspicious activity reports (SARs) related to check fraud according to the Financial Crimes Enforcement Network or FINCEN. Last year, for the same period, that number was 420,000. This puts us on track for 500,000 reports for the year, which is double the number from 2021. To help […]
Continue reading → [DISPLAY_ACURAX_ICONS]Zelle is one of the most recent incarnations in peer to peer payments. Peer to peer payments are ones that allow you to directly transfer money from one person’s bank account (the sender) to another’s (the receiver). Competitors to Zelle include PayPal, Venmo, Popmoney and CashApp. The difference with Zelle is that it is owned […]
Continue reading → [DISPLAY_ACURAX_ICONS]This is a case of technology getting ahead of the law. There are existing federal laws that cover credit card fraud, debit card fraud and check fraud. These are all different laws with slightly different rules, but, for the most part, the law says that if you report the fraud quickly enough (the time varies […]
Continue reading → [DISPLAY_ACURAX_ICONS]Zelle is a peer to peer payment network similar to Venmo and others. The difference is that Zelle is owned by the big banks like Bank of America, Capital One, Chase, Wells Fargo and others. But recently Zelle has been in the news and not for good reasons. Scammers have figured out that they can […]
Continue reading → [DISPLAY_ACURAX_ICONS]