![]() ![]() The report, based on data provided by four of the seven banks that run the payment network (Bank of America, PNC Bank, U.S. 3, Senator Elizabeth Warren (D-Mass.), a longtime critic of Zelle, released a report that concluded there was “rampant fraud and theft” on the platform. “I think this is a very, very large problem that the banks are not yet owning up to, and eventually we’re going to find out how large it is.”Ĭonsumers are getting scammed left and right while using the money transfer app And the worst part? Zelle's parent company and the big banks that own it are refusing to help Americans get their money back. ![]() ![]() “I can’t believe how bad the Zelle fraud problem is and how little the banks have done to stop it,” said Bob Sullivan, an investigative journalist and host of AARP’s The Perfect Scam podcast. “I didn’t deserve to be scammed because I thought it was Wells Fargo protecting me, and they were not,” Bradford told KGO TV.Īll P2P payment services are vulnerable to fraud, but complaints about Zelle are soaring. The bank denied her refund claim, saying she had authorized the transaction. In Sacramento, Samantha Bradford believed a text from Wells Fargo security was real, which enabled the imposters to drain all the money from her checking account, $811.Bank of America refused to refund the teen’s money. I didn’t authorize these transactions, that’s just the truth of the matter,” Lawler told WBZ TV. The high school senior in the Boston area was saving the money for college. Scammers used Zelle to drain $1,050 from Cogan Lawler’s bank account.JP Morgan Chase, said she “authorized” the Zelle payment, even though she was tricked into making the transfer, WGN TV reported. Debbie Shepard-Polak, who owns a landscaping company in the Chicago area, recently was scammed out of $4,600.Listen to audio highlights of the story below:Ĭustomers tricked into sending money to scammers via Zelle, the largest peer-to-peer (P2P) service, are learning that lesson the hard way. Use a payment platform provided by your bank or credit union, and you probably assume your financial institution will be there to help if there’s a problem. ![]()
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