XPost: alt.business, talk.politics.guns, sac.politics   
   XPost: alt.home.repair   
   From: none@comcast.net   
      
   JPMorgan Chase, Bank of America and Wells Fargo are failing to protect   
   customers from hundreds of millions of dollars in scams and fraud per   
   year, according to a US Senate panel.   
      
   At a hearing held by the Permanent Subcommittee on Investigations,   
   Democratic Senator and Chairman Richard Blumenthal said the banking   
   giants’ customers submitted claims to recover $456 million in 2022 – all   
   due to fraud and scams on the payments network Zelle.   
      
   “The banks of America have a dirty little secret. It’s called Zelle…   
      
   Zelle markets itself as ‘A fast and easy way to send and receive money.’   
   But, as this Committee has found, a fast and easy way to lose money is   
   often what happens on Zelle.”   
      
   Senator Blumenthal says Zelle – a network owned by seven US banks   
   including Chase, BofA and Wells Fargo – creates a veil of security while   
   leaving customers far too vulnerable to fraud.   
      
   “Zelle transfers are nearly instant and irreversible, and by the time a   
   consumer knows they’ve been scammed, usually it’s too late to do anything   
   about it – at least according to Zelle and according to the banks that   
   own, control, and in effect operate Zelle…   
      
   Zelle and the banks that own it offer to customers the appearance of the   
   trust they feel they deserve. But the risks there are real and present,   
   and they simply are failing to protect consumers in the way that they   
   deserve.”   
      
   The Permanent Subcommittee on Investigations found that of the $456   
   million customers reported lost to Zelle scams in 2022, $341 million was   
   repaid. According to the panel, 13% of users on Zelle and other peer-to-   
   peer payment platforms report sending money to someone and later realizing   
   it was a scam.   
      
   In response to the Senate panel’s inquiry, Zelle released a statement via   
   its parent company, Early Warning Services, LLC.   
      
   “Providing a safe and reliable service to consumers is the top priority of   
   Early Warning Services, LLC, the network operator of Zelle, and our 2,100   
   participating banks and credit unions.   
      
   As a result of our continued efforts to build on Zelle’s strong foundation   
   of security, less than one-tenth of one percent (.1%) of transactions are   
   reported as fraud or scams, making Zelle one of the safest ways for   
   consumers to pay people they know and trust. Zelle is also currently   
   generally free for most consumers.”   
      
   https://dailyhodl.com/2024/06/08/jpmorgan-chase-bank-of-america-and-wells-   
   fargo-customers-lose-456000000-in-one-year-to-dirty-little-secret-called-   
   zelle-senate-committee-chairman/   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)