Zelle'd money to a phone number registered with Zelle. Zelle confirmed recipient's name before money was sent. $3K now gone. (1 Viewer)

[El Floppo]

I think 3K is too much for a 1BR so this is likely a 2BR or maybe even 3BR. 

Not in CA or NY.

 

[heckmanm]

Why is the play to not show when she got the request she paid it and getting the money is on the landlord.  

As I'm reading things:

• Landlord didn't send the request this month like they usually do, because they were on vacation. 
  
• Daughter proactively sent it, so she wouldn't be late.  But she used landlord's phone # instead of e-mail address that landlord normally uses when requesting
  

 

[FreeBaGeL]

Not fraud related, but one of the businesses I work with just switched to taking their payments through Zelle and I have to say this is the most frustratingly stupid financial system I've ever used.  Just another example of how the banking system, even when it's trying to catch up with the future and become more convenient, is freaking clueless.

 

[culdeus]

As I'm reading things:

• Landlord didn't send the request this month like they usually do, because they were on vacation. 
  
• Daughter proactively sent it, so she wouldn't be late.  But she used landlord's phone # instead of e-mail address that landlord normally uses when requesting
  

Update?

 

[fatness]

CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle

"The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network’s seven-year existence due to these alleged failures."

 

[Juxtatarot]

CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle

"The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network’s seven-year existence due to these alleged failures."

I'm sorry, but if you Zelle money to a fraudster, it's on you. The alternative is having customers get pissed off because you are restricting transactions they are trying to do.

 

[CletiusMaximus]

CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle

"The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network’s seven-year existence due to these alleged failures."

I'm sorry, but if you Zelle money to a fraudster, it's on you. The alternative is having customers get pissed off because you are restricting transactions they are trying to do.

Sure, but it also seems reasonable for consumers to expect some reasonable level of fraud protection. I've not seen the lawsuit but maybe the goal is to forge a middle ground that will work for everyone.

 

[FreeBaGeL]

CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle

"The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network’s seven-year existence due to these alleged failures."

I'm sorry, but if you Zelle money to a fraudster, it's on you. The alternative is having customers get pissed off because you are restricting transactions they are trying to do.

But Zelle does that too. The bad side of having your cake eating it too. You get no fraud protection, AND get transaction limits!

 

[Doug B]

Update

Heckmann won’t know — this is a question for @Harry Frogfish .

 

[3C's]

Used Venmo today for the first time to buy a bike. It was preferable to using cash and provided a "receipt of payment" of sorts. It was easy and all that but probably the last time I use Venmo as well.

 

[DA RAIDERS]

I love Venmo. I’ve used Zelle as well. It seems more sketchy, but I’ve had no problems with either

 

[djmich]

CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle

"The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network’s seven-year existence due to these alleged failures."

I'm sorry, but if you Zelle money to a fraudster, it's on you. The alternative is having customers get pissed off because you are restricting transactions they are trying to do.

Sure, but it also seems reasonable for consumers to expect some reasonable level of fraud protection. I've not seen the lawsuit but maybe the goal is to forge a middle ground that will work for everyone.

There is fraud scoring done on the transactions but p2p fraud is a lot more difficult to detect.

One of the other problems is that the banks make no money on Zelle, so there’s no insurance kitty, like there is on card transactions.

Funny thing is is that the CFPB didn’t get on PayPal‘s case or Cash app for basically having the same fraud protections on p2p and so the banks rushed out a product to compete with them and now the CFPB is coming down on the banks, but not the original parties.

 

[rockaction]

Funny thing is is that the CFPB didn’t get on PayPal‘s case or Cash app for basically having the same fraud protections on p2p and so the banks rushed out a product to compete with them and now the CFPB is coming down on the banks, but not the original parties.

No good deed will go unpunished. I know—cliché, but it seems to really fit here.

 

[Gatorade]

Never had a Zelle account. Somehow one was opened attached to our checking account. Luckily we caught it when a small amount was taken out as a "test", we were able to shut it down right away. Never got that small amount back. Bank said there was no way someone else opened that account.