![]() Then last month, Warren sent another letter to the Consumer Financial Protection Bureau saying that banks fail to prevent "rampant" fraud on Zelle, and urging the consumer watchdog agency to tighten regulations governing banks' obligations to repay customers who are defrauded on Zelle and similar payment platforms. Zelle, on the other hand, said that 99.9 percent of the transactions on its network are sent without fraud or scam reports and that "any external analysis done is incomplete and does not reflect the efforts and data reported by more than 1,700 financial institutions on the Zelle Network." To make matters worse, Warren said that banks reported only repaying 9.6 percent of scam claims, amounting to just $2.9 million. Warren and Menendez, both of whom sit on the Senate Banking, Housing, and Urban Affairs Committee, pushed for more information from the bank CEOs during a committee hearing in September, after which the banks finally provided some data on the prevalence of online banking scams.Īccording to Warren's data, claims on the platform were in excess of $90 million in 2020, and are on track to exceed $255 million by the end of 2022. Feds find Silk Road thief's $1b+ Bitcoin stash in popcorn tin, hidden safe.US Treasury thwarts DDoS attack from Russian Killnet group.Ransomware cost US banks $1.2 billion last year. ![]()
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