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According to the New York Times, when customers say their money was stolen on Zelle, banks often refuse to pay.

Questions:

  1. What is Zelle?
  2. What Federal Rule protects consumers in fraudulent electronic transfers of money?
  3. How much money was sent through Zelle and Venmo last year?
  4. What is Sim Swapping?
  5. 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)

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