In their letter, Senators Warren and Menendez said Zelle's popularity is 'putting millions of consumers at risk as fraud flourishes' and that 'banks have chosen to let consumers suffer, blaming them' for getting duped.
Officials are warning about a scam that's taking advantage of unsuspecting victims who make electronic withdrawals from their bank accounts.The bank denied her claim for a refund, saying she'd authorized the transactions, and Zelle has no fraud protections.
"For the bank to tell me, 'Nope, your fault ma'am'," Bradford said."It's not my fault because I thought it was you. These people are impersonating you. It's not fair.""The money's gone. It's gone," said Cynthia Marin of Concord."I went, 'Wow, I have been scammed,'" said East Bay resident and Chase customer Donald James."For you to say, 'Oh well, your money's gone. We don't protect Zelle.
The Senators are now demanding answers too. The letter notes that Regulation E of the Electronic Fund Transfer Act protects consumers duped into transferring money to fraudsters. The Senators wrote:"The immediacy of money transfers makes Zelle a favorite of fraudsters... and alarmingly, both your company and the big banks... have abdicated responsibility... leaving consumers no way to get their money back..."The letter demanded to know: how Zelle is rooting out fraud, the number of fraud cases and why some victims get refunds but not others."$1,515 for this whole week," Bradford said."I've had to Doordash to make sure I have food to eat...
Zelle's parent company Early Warning Services has told us it will respond to the Senators' letter"in due course," but gave no other response. As for Wells Fargo, it said it will consider each fraud claim individually -- and also said it is now warning Zelle users the bank will never ask customers to send money back to themselves.
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