Source: Lananh Nguyen & Stacy Cowley, N.Y.Times ( Paid Registration )

Senators Elizabeth Warren of Massachusetts and Bob Menendez of New Jersey took aim at Zelle, the popular money transfer app, warning that it is putting millions of Americans at risk of being defrauded. The lawmakers, asked Zelle’s operator, Early Warning Services, what steps it had taken to protect consumers from the proliferation of sophisticated scams.

"Alarmingly, both your company and the big banks who both own and partner with the platform have abdicated responsibility for fraudulent transactions, leaving consumers with no way to get back their funds,” the senators wrote in a letter to Early Warning’s chief executive.

Read Full Article: Senators question Zelle over its response to reports of rising fraud