This is a news story, published by MSN, that relates primarily to Zelle news.
For more Zelle news, you can click here:
more Zelle newsFor more banking & finance news, you can click here:
more banking & finance newsFor more news from MSN, you can click here:
more news from MSNOtherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best business news, entertainment news, world news, and much more. If you like banking & finance news, you might also like this article about
payment scams. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest scam payments news, fraudsters news, banking & finance news, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!
payment fraud lossesCNN
•
63% Informative
Consumers reported losing $210 million to fraudsters on payment apps and services in 2023 alone, 62% more than two years ago .
Bank transfer or payment fraud losses spiked by nearly 150% over that span to $1.9 billion .
The big banks that run Zelle in particular “rarely” reimburse customers duped by scammers, according to a recent Senate investigation.
Democrats in Congress are introducing new legislation that would seek to crack down on payment scams.
Zelle ’s backers say 99.9% of transactions are completed without any reports of fraud or scams.
While Zelle doesn’t offer payment protection, some of its rivals do.
Venmo and PayPal have purchase protection options for when customers send money to sellers they don't know.
Blumenthal says he's “very hopeful” his bill will get bipartisan support.
VR Score
70
Informative language
71
Neutral language
54
Article tone
semi-formal
Language
English
Language complexity
56
Offensive language
likely offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
External references
no external sources
Source diversity
no sources
Affiliate links
no affiliate links