According to the New York Times, when customers say their money was stolen on Zelle, banks often refuse to pay.
Questions:
- What is Zelle?
- What Federal Rule protects consumers in fraudulent electronic transfers of money?
- How much money was sent through Zelle and Venmo last year?
- What is Sim Swapping?
- What progress has been made to ensure that banks reimburse customers for fraudulent transfers?
Source:
Cowley, S. and L. Nguyen. (2022). When Customers Say Their Money was Stolen on Zelle, Banks Often Refuse to Pay. June 20 (Retrievable at https://www.nytimes.com/2022/06/20/business/zelle-money-stolen-banks.html)