Wells Fargo stock was slightly down as Monday reports by the Wall Street Journal disclosed that Bank of America ( NYSE:BAC ), JPMorgan Chase ( NYSE:JPM ), Wells Fargo ( NYSE:WFC ), and others held advanced talks to refund their customers and each other.
The initiative is the result of a rise in money-transfer network usage during the pandemic, which drew con artists. About 1.8 billion transactions totaling $490 billion were handled by Zelle in 2021.
As a result, lawmakers and regulators have paid attention. Sen. Elizabeth Warren (D-MA) lambasted Wells Fargo ( NYSE:WFC ) CEO Charlie Scharf in a letter , accusing him of being evasive and dishonest regarding fraud on the Zelle platform. According to her, the corporation does not disclose enough information on how frequently it reimburses its consumers who have been cheated or defrauded on Zelle
The Consumer Financial Protection Bureau is also drafting new recommendations to encourage banks to compensate more clients who fell for fraud on Zelle and other money-transfer platforms, the Wall Street Journal has reported.
Banks must reimburse clients for payments they didn’t authorize, but this doesn’t apply to customers who sent money after being duped. Scammers have recently used Zelle consumers’ willingness to send money to their advantage by impersonating bank customer service repr...
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