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‘Rampant fraud and theft’ on Zelle

Earlier in October, Massachusetts Sen. Elizabeth Warren released a report which she said showed “revealing rampant fraud and theft” on peer-to-peer payment system Zelle.

In an interview with Spectrum News, Warren charged that fraud is increasing on Zelle – and alleged that customers are being left high and dry by the banks that created the platform.

What You Need To Know

  • Last month, Massachusetts Sen. Elizabeth Warren released a report which she said showed “revealing rampant fraud and theft” on peer-to-peer payment system Zelle

  • The report found that fraud and scam claims are on the rise on the platform, citing figures Warren’s office obtained from two of the financial institutions that own the platform, PNC Bank and U.S. Bank

  • Warren says data her office received from Wells Fargo indicates that so far this year, its customers reported fraud on Zelle at a rate that is 2.5 times higher than in 2019, and more than twice as much as customers of other banks

  • Point 4 goes here

Warren’s report found that fraud and scam claims are on the rise on the platform, citing figures from two of the major financial institutions that own the platform: PNC Bank and U.S. Bank.

“PNC Bank reported that the number of fraud and scam claims from customers increased from 8,848 in 2020, to a pace of over 12,300 in 2022,” a summary released by Warren’s office reads. “Similarly, U.S. Bank reported 14,886 fraud and scam claims on Zelle in 2020, and that its customers are on pace to…

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