Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
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Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#2For one thing, they should make NEVER send any emails or SMS related to Zelle, and the app should say every time it starts "Zelle NEVER sends you an email or text message. Do everything from inside the app."
Theat would be a good start.
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#3For one thing, they should make NEVER send any emails or SMS related to Zelle, and the app should say every time it starts "Zelle NEVER sends you an email or text message. Do everything from inside the app." Theat would be a good start.
> NEVER send any emails or SMS related to Zelle, and the app should say every time it starts "Zelle NEVER sends you an email or text message. Do everything from inside the app."
is Zelle ever its own app?
I only use Zelle from my banks' apps, and banks use TFA with text messages all the time, including from the website, calls to support, and the bank app running on the phone. I'm not saying that TFA texts to your phone are 100% two-factor-valuable from an app on your same phone, but what you're talking about would be a major set of changes to the standard security model everybody follows.
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#4Due to Zelle's low transaction limits the amount lost in Zelle scams is hardly worth noting. Every bank already has a warning page before you use Zelle telling people what to look for in scams but based on this report it appears people are ignoring it. The losses from investment scams are much more worrying. I think all consumer bank accounts should require a mandatory two hour anti scam educational video before any outbound transfer > $10000 can be made.
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#5Due to Zelle's low transaction limits the amount lost in Zelle scams is hardly worth noting. Every bank already has a warning page before you use Zelle telling people what to look for in scams but based on this report it appears people are ignoring it. The losses from investment scams are much more worrying. I think all consumer bank accounts should require a mandatory two hour anti scam educational video before any…
That’s an elitist world view / statement. More than half of Americans have less than $500 in savings: https://www.gobankingrates.com/saving-money/savings-advice/n...
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#6Due to Zelle's low transaction limits the amount lost in Zelle scams is hardly worth noting. Every bank already has a warning page before you use Zelle telling people what to look for in scams but based on this report it appears people are ignoring it. The losses from investment scams are much more worrying. I think all consumer bank accounts should require a mandatory two hour anti scam educational video before any…
That’s an elitist world view / statement. More than half of Americans have less than $500 in savings: https://www.gobankingrates.com/saving-money/savings-advice/n...
There is no way to do what the senators want without undermining the entire point of Zelle. If there are chargebacks then there needs to be a dispute resolution system and higher fees to compensate. These are authorized payments, banks are already obligated to reimburse all unauthorized payments.
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#7[flagged]
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#8Earlier quoted context omitted.
That’s an elitist world view / statement. More than half of Americans have less than $500 in savings: https://www.gobankingrates.com/saving-money/savings-advice/n...
There is no way to do what the senators want without undermining the entire point of Zelle. If there are chargebacks then there needs to be a dispute resolution system and higher fees to compensate. These are authorized payments, banks are already obligated to reimburse all unauthorized payments.
Yep, people are about to learn that those credit card fees actually buy you something.
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#9In 2009 I met some Israeli developers in Atlanta who were trying to get meetings with some of the banks in the area (there are a number of corporate bank offices here for big banks) to hawk their direct payment system, which was exactly what Zelle is. I contracted with them and got them some meetings, I was basically a rent-a-laowai for them to get meetings here. I never heard what happened to them after that, and when Zelle came out, I was sad to see the exact same idea but from a totally different company.
But the core concept is digital cash, so you HAVE to treat it as such.
Re: Consumers defrauded on Zelle are left high and dry by the banks that created it [pdf]
#10For one thing, they should make NEVER send any emails or SMS related to Zelle, and the app should say every time it starts "Zelle NEVER sends you an email or text message. Do everything from inside the app." Theat would be a good start.
> NEVER send any emails or SMS related to Zelle, and the app should say every time it starts "Zelle NEVER sends you an email or text message. Do everything from inside the app." is Zelle ever its own app? I only use Zelle from my banks' apps, and banks use TFA with text messages all the time, including from the website, calls to support, and the bank app running on the phone. I'm not saying that TFA texts to your pho…
Looks like one was released around 2019, I didn't even know. I can't find any specific dates mentioned or any press releases. Things around 2017 mention a Zelle app coming in the future, by 2019 articles are mentioning the Zelle app.