US Lawmakers Probe $870,000,000 in Customer Losses on Zelle, Targeting JPMorgan Chase, Bank of America and Wells Fargo’s Reimbursement Practices
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US lawmakers are investigating $870 million in customer losses linked to scams on Zelle, targeting JPMorgan Chase, Bank of America, and Wells Fargo's reimbursement practices. Senators Warren and Blumenthal, along with Rep. Waters, demand transparency and stronger consumer protections, citing a significant drop in reimbursement rates from 62% in 2019 to 38% in 2023. They urge banks to enhance fraud prevention measures, especially as Zelle's rapid growth has outpaced security protocols. Zelle claims that fraud is rare, with 99.95% of transactions being problem-free.
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