Bank data, finally shared with U.S. Senate, shows Zelle fraud is soaring
redtape.substack.com
We finally have some numbers on how much fraud is happening at Zelle. Four large banks -- Truist, PNC, US Bank, and Bank of America -- tell Congressional investigators that consumers report about one-quarter of a billion dollars in fraud and scams on Zelle annually. That doesn't include data from other large banks, like Capital One and JP Morgan Chase. And it doesn't include fraud which goes unreported.
Bank data, finally shared with U.S. Senate, shows Zelle fraud is soaring
Bank data, finally shared with U.S. Senate…
Bank data, finally shared with U.S. Senate, shows Zelle fraud is soaring
We finally have some numbers on how much fraud is happening at Zelle. Four large banks -- Truist, PNC, US Bank, and Bank of America -- tell Congressional investigators that consumers report about one-quarter of a billion dollars in fraud and scams on Zelle annually. That doesn't include data from other large banks, like Capital One and JP Morgan Chase. And it doesn't include fraud which goes unreported.