Zelle is a popular peer-to-peer payment service that enables users to send and receive money quickly and securely using their mobile devices. It provides a convenient and efficient way to transfer funds between individuals, typically within the same country. Zelle allows users to link their bank accounts to the service, eliminating the need for traditional methods like writing checks or carrying cash. However, their convenient service is easy to exploit, causing users to have their accounts compromised. Big banks like Bank of America are even ensuring customers that Zelle is, “a safe and easy way to send money fast”. Now Zelle is also a common way for fraudsters to steal from helpless consumers.
Banks Are Refusing to Refund Zelle Customers
According to a report published by Senator Elizabeth Warren’s office, Zelle’s parent company, EWS, is owned and operated by seven of the U.S.’ largest banks: JPMorgan Chase, Wells Fargo, Bank of America, U.S. Bank, PNC, Capital One, and Truist. As Zelle grows in overall volume and market share, consumers across the country continue to share stories of being defrauded and losing money on the platform. Increasingly, customers are being defrauded through sophisticated deceptions such as a fraudster’s use of a consumer’s own contact information to disguise a payment to the fraudster’s account as a payment to the consumer’s account – known as “me-to-me”. Big banks like the ones mentioned are aware of the fraudulent activities and often refuse to help refund the defrauded customers. Zelle claims to have a zero-liability policy for cases in which a bad actor gains access to a consumer’s account and uses it to make unauthorized payments.
Frequently Asked Questions:
Can third-party users gain access to my Zelle account and make unauthorized transactions?
- While no system is entirely immune to hacking or fraud attempts, Zelle employs robust security measures to protect users’ accounts and transactions. However, it has become increasingly easier for third-party users to exploit their security measures and access consumers accounts to make unauthorized transactions.
What should I do if I suspect fraudulent activity on my Zelle account?
- If you notice any suspicious or unauthorized transactions on your Zelle account, you should immediately contact your bank or financial institution. If your bank is not co-operating with you, contact a Financial Services attorney from MLG right away.
Am I protected against fraud or unauthorized transactions on Zelle?
- Zelle provides some level of protection against fraudulent transactions. Most participating banks offer a zero-liability policy, which means you may not be held responsible for unauthorized transfers made through your Zelle account. However, some banks are refusing to help refund defrauded customers. If you are a customer who has been refused, contact us today.
How to Start Your Potential Case
If you are a Zelle customer and your account has been defrauded by an unauthorized third-party, contact our team of Financial Services attorneys today for a free consultation of your potential case. Our team will go over the details of your potential case and determine if your case has merit. Here is what to expect from the process:
- Fill out our contact form with your information
- Set up your free consultation
- Meet with our Financial Services team
- Discuss your potential case
- Discuss your next steps
Protecting Consumers against Zelle Fraud
At McCune Law Group, our dedicated attorneys are committed to safeguarding our clients from the perils of online fraud. We understand the evolving landscape of cyber threats and the potential risks clients may face. To protect our clients, we employ a multifaceted approach that combines legal expertise with proactive security measures. Our attorneys stay up to date with the latest developments in cyber law and fraud prevention, allowing us to provide informed guidance and tailored strategies to mitigate risks.
To learn more about Zelle fraud, contact McCune Law Group by completing the form or calling (909) 345-8110 today for a free consultation!