Zelle App Issuing Refunds to Scam Victims

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Pay attention to this next story if you're a Z user and a lot of us are banks that use the payment app are starting to refund customers who may have been involved in imposter scams. A report from Reuters out today says 2100 firms on Zel began reimbursing users back in June. These customers were reportedly duped into sending money to people who claim they represented the US government, a service provider or the bank. According to early warning services, Chief fraud risk Officer Ews has a new service that allowed lenders to recover funds from the recipients accounts and then return them to the sender. Ews also said that banks that use Zelle now use tools to flag these kinds of transfers that have risky attributes such as paying an account that has no transaction history. Zelle debuted back in 2017 and has since become one of the largest user payment networks.