14 November 2023ย
USA
Page 1: Scam Epidemic June: Zelle banks refund victims of government impostor scams under pressure.
Page 2: Reluctance and Resistance Banks resist repayment, citing law constraints and fear of encouraging fraud.
Page 3: Federal Law Loophole Banks use law nuances, leaving tricked payers without reimbursement recourse.
Page 4: Rise of Imposter Fraud Imposter scams surge, banks hesitate, fearing reimbursement may fuel fraud.
Page 5: Innovative Solution Early Warning Services (EWS) enables banks to recover funds innovatively.
Page 6: Evolving Scam Control EWS's Ben Chance: "Above legal requirements," controls adapt to evolving scam
Page 7: Regulatory Satisfaction CFPB satisfied with banksโ approach; Senate hearing on fraud imminent.