Consumers Victimized by Zelle Fraud While Banks May Not Help Recover Losses

Consumers across the nation are reporting their Zelle accounts are being defrauded by third-party users who are stealing money from their accounts by making unauthorized, irreversible transfers. This prompted Senator Elizabeth Warren to open an investigation in April of 2022. Numerous reports indicated that Zelle is the preferred tool of fraudsters and bad actors who abuse Zelle’s instantaneous, easy-to-exploit transfers to defraud customers.

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 an effortless way for fraudsters to steal from helpless consumers.

If your Zelle account has been defrauded, contact a MLG Financial Services attorney by completing the form or calling (909) 345-8110 today for a free consultation!

Big Banks are Refusing to Refund Consumers who Have Been Defrauded

According to the report, 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 bad actor’s use of a consumer’s own contact information to disguise a payment to the bad actor’s account as a payment to the consumer’s account – known as “me-to-me”. Big banks like the ones mentioned earlier 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.

If you are a customer of any of the banks above and have been defrauded on Zelle, contact MLG today!

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.

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.

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 Zelle Fraud 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 

Contact us today for a free consultation by calling (909) 345-8110 or by completing the form.

Protecting Consumers from 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. We collaborate closely with clients to assess their individual vulnerabilities and develop comprehensive protection plans. Our attorneys prioritize client confidentiality, implementing robust security protocols to safeguard sensitive information and ensuring compliance with privacy regulations. With a steadfast commitment to client protection, McCune Law Group attorneys strive to provide peace of mind in an increasingly complex digital world.

To set up a free consultation with one of our experienced attorneys, call (909) 345-8110 or complete our form today!

Attorney Advertising

McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC is responsible for this solicitation. The information provided on this website is for general information purposes only. The information you obtain is not, nor is it intended to be, legal advice. Use of this website or submission of the online form does not create an attorney-client relationship. 

Counsel Richard McCune is licensed to practice only in the state of California.  The law firm of McCune Law Group has attorneys licensed to practice law in AZ, CA, IL, MO, NJ, NY, and PA.  This information section is not intended to be a solicitation for services in states where it is forbidden for non-barred attorneys from advertising for services, and McCune Law Group does not have attorneys barred in that state. McCune Law Group is a national firm that brings lawsuits in a majority of the states. In states where one of its attorneys are not barred, it does so by filing the complaint along with local counsel barred in that state.  

The results discussed do not guarantee, warrant, or predict the results in future cases.