Zelle Scams Take Center Stage In Washington
(Washington, DC) -- The peer-to-peer payment system Zelle is being looked into by lawmakers amid a growing number of scams on the platform. The Senate Permanent Subcommittee on Investigations heard testimony Tuesday from the CEO of Early Warning Services, the company that runs the Zelle network. Also called on to testify were executives from Bank of America, JPMorgan Chase, and Wells Fargo, the three biggest Zelle owner banks. The subcommittee issued a report faulting the banks for only reimbursing 38-percent of customers who said they did not approve a transfer from their account. Early Warning Services maintains that 99.95 percent of transactions are completed without a complaint of fraud or scam.