Data indicates that Wells Fargo customers are reporting fraud and scams on the bank’s shared instant-payment Zelle platform at a rate that is nearly 2.5 times greater than 2019, according to Sen. Elizabeth Warren.
Sen. Elizabeth Warren is tightening the pressure on Wells Fargo CEO Charles Scharf, just one among major bank executives that the Massachusetts Democrat is targeting amid evidence of repeat fraud on Zelle, the instant-payments system owned by seven of the U.S.’s largest banks.
Across all banks and credit unions, Zelle users sent 1.8 billion payments last year, totaling $490 billion. “Last year Zelle users were defrauded $500 million that we know of,” Warren said then. “You built it, you profit from every transaction, and you tell people it’s safe.”
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