14 November 2023ย 

Zelle Banks Repay Scam Victims Amid Government Pressureย 

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.