Zelle has updated its policy to reimburse victims of certain scams, such as those involving impostors pretending to be banks, businesses, or government agencies. The payment processor, operated by seven US banks, has been returning money to customers who fell victim to scams since June 30, 2023, going beyond legal requirements. Zelle has also implemented anti-fraud policies to improve the consumer experience and address the dynamic nature of fraud and scams. These efforts have resulted in a significant decrease in fraud and scam rates, with over 99.9% of Zelle transactions being reported as without any fraud or scams. This policy change comes after increasing scrutiny and pressure from authorities, as well as a series of reports highlighting the growing number of scams and fraud schemes on Zelle. Customers can submit details of a scam to Zelle for investigation, and the company will report the information to the recipient’s bank or credit union. Senator Elizabeth Warren has praised the changes, urging the Consumer Financial Protection Bureau to continue pressuring Zelle to protect consumers from bad actors.
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