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JPMorgan Among Banks Reportedly Considering Reimbursing Zelle Scam Victims, WSJ Says

11/28/2022 | 08:36am
(MT Newswires) -- JPMorgan (JPM), Wells Fargo (WFC) and Bank of America (BAC) are reportedly among American banks that are planning to reimburse customers that fell victim to scams in the Zelle payment network, the Wall Street Journal reported Monday, citing people familiar with the matter.

The banks are reportedly planning to create rules for compensating customers for illegitimate transfers, as scammers often pretend to be representatives of customer support when tricking Zelle customers into sending money, the news article said.

While banks are not required to refund customers who were duped into sending money, they are hoping to boost consumer confidence in the platform by sharing liability within the Zelle system, according to the report.

The new rules could be implemented next year, and if put in place would force financial institutions in Zelle to agree or risk being kicked off the platform, the Wall Street Journal said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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