Fraud Is flourishing on Zelle. Banks say it’s not their problem

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

Justin Faunce lost $500 to a scammer impersonating a Wells Fargo official and hoped that the bank would reimburse him.  But Wells Fargo said the transaction wasn’t fraudulent because Mr. Faunce had authorized it — even though he had been tricked into transferring the money.

Consumers love payment apps like Zelle because they’re free, fast and convenient. Created in 2017 by America’s largest banks to enable instant digital money transfers, Zelle comes embedded in banking apps and is now by far the country’s most widely used money transfer service.

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