The money-transferring application Zelle and the three major banks that own the platform haven’t done enough to stop fraud and reimburse defrauded victims, the U.S. Senate Permanent Subcommittee on Investigations concluded in a 62-page report released on July 24.
Following a 13-month investigation into the payment app, the probe found that consumers who fell victim to scams weren’t adequately reimbursed by financial institutions. The report revealed that Bank of America, JPMorgan Chase, and Wells Fargo—the principal owners of the payment network—collectively reimbursed 38 percent of the $166 million submitted fraud disputes in 2023.
