The report also found that the large banks that partly own Zelle have been reluctant to compensate customers who have been victims of fraud or scams.
For instance, less than half of the money customers reported being sent via Zelle without authorization was being reimbursed.
Since being launched in June 2017, Zelle has become a popular way for bank customers to send money to friends and family. Almost $500 billion in funds were sent via Zelle in 2021, according to Early Warning Systems, the company that operates Zelle. Banks are required under the Electronic Fund Transfer Act to repay customers when funds are illegally taken out of their account without authorization. Banks have argued that in cases of fraud — meaning a customer’s account becomes compromised somehow and they send an unauthorized payment — they do reimburse customers.
The data for individual banks shows the increase in fraud and scams. PNC Bank had 8,848 cases on Zelle in 2020, and is on pace to have roughly 12,300 cases this year. US Bank had 14,886 cases in 2020 and had 27,702 cases in 2021. Truist had 9,455 cases of fraud and scams on Zelle in 2020, which ballooned to 22,045 last year.
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