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Frank Takes: As Zelle Grows, Fraud and Scams Exposure is Up Too Zelle is optimistic that fraud and scam rates will decline They report a reduction in fraud percentages due to a layered security approach, including services like Risk Insights for Zelle, which provides network participants with real-time information to assess potentially high-risk transactions
Zelle Fraud: The Rapidly Rising Real-Time Scam - DataVisor Zelle fraud is any unauthorized or fraudulent use of the Zelle digital payments app to send or receive money Fraudsters use many types of scams to steal money through Zelle without the account holder’s permission
As Zelle Grows, Fraud and Scams Exposure Is Up Too Zelle gave some insight into the average fraud risk of the P2P platform last year They reported that consumers sent $490 billion through Zelle in 2021, of which an estimated $440 million was lost through fraud and scams
Zelle Fraud: The Push for Better Consumer Protection To their credit, Zelle and participating banks have implemented measures to reduce digital payment fraud These include alerting users to send money only to people they trust, monitoring suspicious activity, and using risk assessment tools to flag risky transactions However, challenges remain