When we're notified about a scam, we have a thorough investigative process to research the claim.It is a priority for us and our industry.
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At the same time, we continue to update and strengthen our practices and procedures for combatting and helping prevent scams.We also are committed to following all regulations governing transactions, including Regulation E.
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Reach out to your bank using legitimate sources, such as the number on the back of your debit card.We are actively working to raise awareness of common scams and to remind customers that Zelle transfers are immediate, and should be treated just like cash. We don't want anyone to fall for a scam, and we want to make sure everyone is aware that criminals can spoof a caller ID number so it appears as if a call or text is from your bank. It's disheartening that scammers are actively pursuing and defrauding victims, and we understand the frustration and anger expressed by victims. Wells Fargo told KGO-TV that it investigates each individual fraud case. Recently, the company reported that 1.8 billion payments were sent in 2021, a 49% increase from a year earlier. "It'll probably take banking regulators years to catch up with what's going on with Zelle," Sullivan said.Īnd while regulators play catch-up, Zelle continues to grow.
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They want the Consumer Financial Protection Bureau to crack down on banks for not refunding customers or putting more safeguards for Zelle transfers. And that's a terrible idea because there's no way to get the money back," said cybersecurity expert Bob Sullivan.Īdvocates say federal laws should protect consumers in these scams since they were tricked into giving away their funds and banks are supposed to protect their customers' accounts. So people started using them, the way you might use a credit card to say, buy tickets for a concert they saw on Craigslist. "There's virtually no consumer protections on these Zelle transactions. RELATED: Banks tell customers they're responsible if they pay Zelle scammersĪnd unlike credit cards, most quick-pay apps do not offer fraud protection. Bank and Wells Fargo.)īank of America had since refunded some customers after KGO-TV reported that the Federal Electronic Fund Transfer Act requires banks to refund consumers for fraudulent money transfers.
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This was likely an instance of spoofing, meaning the caller deliberately falsified the information transmitted to Marin's caller ID display.Īs reports of Zelle scams mushroomed in 2021, Bank of America and others initially refused to offer refunds, claiming that customers "authorized the transactions" and that Zelle was a "third-party app" with "no fraud protections." (Zelle is owned by Early Warning Services, LLC, a private financial services company owned by Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Soon after, she received a call from a Wells Fargo number. Our sister station KGO-TV reported that Cynthia Marin of Concord, California, received a text asking if she had approved a Zelle transaction to "TRAVIS" for $3,500. In the latest development, fraudsters are now posing as Wells Fargo bank employees to solicit money. Amid the rise in popularity of quick-pay apps, scammers are also increasingly using digital payment platforms like Zelle to drain victims' bank accounts.ĪBC Owned Television Stations first reported on widespread Zelle schemes involving Bank of America customers, but scammers are taking advantage of the platform's instantaneous, irreversible transactions - and the federal government's ambiguous regulations - to get more creative in their ploys. Wells Fargo customers are being targeted by fraudsters claiming to be bank employees - and trick victims into transferring money to them via Zelle.ĬONCORD, Calif.