Consumers love payment apps like Zelle because they’re free, fast and convenient - last year, people sent $490b through Zelle, compared with $230b through Venmo, its closest rival. However, Zelle’s immediacy has also made it a favorite of fraudsters, and banks have been reluctant to make fraud victims whole — despite owning the system.
Mr. Faunce was shocked. “It was clearly fraud,” he said. “This wasn’t my fault, so why isn’t the bank doing the right thing here?”
https://www.nytimes.com/2022/03/06/business/payments-fraud-zelle-banks.html