Today, a report by Reuters wrote that Zelle has begun refunding victims of imposter scams. Banks on the app have refunded transfers made by customers to fraudsters claiming to be government entities and businesses. They also must use a tool to flag transfers that “show risky attributes.”
Until recently, banks were “dragging their feet” over these kinds of fraud refunds, so it’s good to know in some places, the sentiment might be changing.
Isabelle is a journalist for Fintech Nexus News and leads the Fintech Coffee Break podcast.
Isabelle's interest in fintech comes from a yearning to understand society's rapid digitalization and its potential, a topic she has often addressed during her academic pursuits and journalistic career.