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.
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Fraud is flourishing on Zelle. The banks say it’s not their problem
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?”
