Banks Faulted for Failing to Prevent Zelle Frauds, Scams (2)

JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., and other banks operating on the Zelle payments network aren’t doing enough to reimburse fraud and scam victims, a report from Senate Democrats said.

The three banks, which are among the seven financial institutions that own the popular person-to-person payments network, reimbursed only a tiny fraction of the thousands of fraud and scam victims between 2019 and 2023, according to a Tuesday report from Sen. Richard Blumenthal (D-Conn.), the chairman of the Senate Permanent Subcommittee on Investigations.

“They are simply not doing enough,” Blumenthal said ...