Zelle faces Senate probe on fraud
Payments Dive
MAY 31, 2024
“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.
Zelle Related Topics 
Bank CEOs defend Zelle in Senate hearing
Payments Dive
SEPTEMBER 23, 2022
Elizabeth Warren called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.
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JPMorgan, Zelle may have upper hand if litigation ensues
Payments Dive
AUGUST 15, 2024
If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.
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Wells Fargo says US investigating Zelle complaint handling
Finextra
MAY 5, 2024
Wells Fargo has joined JP Morgan in revealing that US authorities are investigating the handling of complaints about P2P payments service Zelle.
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Zelle no! Credit unions balk at joining bank-run P2P network
Payments Source
SEPTEMBER 24, 2018
Zelle doesn't require a bank or credit union to participate in its network to allow it to receive funds; so even Zelle holdouts will see some activity on their accounts. This allows credit unions to compare members' demand to usage, and to determine whether signing up with Zelle is worth the tradeoffs.
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Zelle, big banks challenge senators on scam reimbursements
Payments Dive
JULY 25, 2024
Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.
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FedNow aims to avoid Zelle-type fraud
Payments Dive
FEBRUARY 23, 2023
As the Federal Reserve prepares for a mid-year launch of its instant payments system, FedNow, it’s zeroing in on anti-fraud tools to protect users.
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Today In Digital-First Banking: Zelle Exceeds 1B P2P Payments; China’s Digital Yuan Tests Process 4M+ Transactions
PYMNTS
NOVEMBER 3, 2020
In today’s top news in digital-first banking, digital payments network Zelle crossed over the one-billion transaction mark, while China’s tests of a digital yuan have processed over four million transactions. Zelle Says P2P Payments Top One Billion Transactions.
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More People Than Ever Choose Zelle with Nearly Half a Trillion Dollars Sent in First Half of 2024
Fintech Finance
OCTOBER 17, 2024
the network operator of Zelle® , today announced that the person-to-person payments network helped 143 million consumers and small businesses move nearly half a trillion dollars — $481 billion, up 28% year-over-year in the first half of 2024. Transaction volume on Zelle increased by 27% year-over-year to over 1.7
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Banks aren't likely to undercut cards with Zelle
Payments Dive
APRIL 7, 2022
The banks earn billions of dollars from credit and debit card interchange fees so why would they want Zelle stepping in to connect consumers directly to bank accounts? "Banks would never want to jeopardize interchange revenue," said one analyst.
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Zelle operator Early Warning hires new CEO
Payments Source
MAY 30, 2019
Albert Ko, who had been the chief transformation officer of Intuit, says he will work to improve Zelle's interface to make it more appealing to consumers.
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Zelle quarterly volume reaches $44B, as average transaction size falls
Payments Source
JULY 26, 2019
Early Warning's Zelle P2P network processed $44 billion in payment volume over 171 million transactions during the second quarter of 2019, a growth of 56% in volume and 71% in transactions year-over-year.
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BofA's Zelle numbers don't add up — but they do make sense
Payments Source
JANUARY 27, 2019
Zelle has been good for Bank of America’s P2P traffic, with the bank reporting eye-popping numbers every quarter. But the bank and the Zelle network have different ways of counting their volumes.
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97 Zelle sign-up issues expose risks of tying phone numbers to accounts
Payments Source
JULY 7, 2017
Many of Zelle's member banks chose to migrate clearXchange users to the relaunched service. It's a potential convenience, but if executed without end user awareness or consent it can irritate consumers.
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Zelle Sees P2P Payments Surge On Heels Of COVID-19
PYMNTS
NOVEMBER 2, 2020
Digital payments network Zelle surpassed the one-billion transaction mark over the past year, with the coronavirus crisis leading to a boost in demand, according to a press release. based Zelle processed 323 million transactions worth $84 billion. In the third quarter alone, the Scottsdale, Ariz.-based
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Zelle counters scam talk with growth rates
Payments Dive
SEPTEMBER 13, 2022
The instant payments brand is highlighting a double-digit growth rate for its peer-to-peer payments tool and downplaying scams on its system.
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JPMorgan ponders legal action over Zelle probe
Finextra
AUGUST 5, 2024
JPMorgan Chase is considering taking legal action against the Consumer Financial Protection Bureau (CFPB) over an ongoing probe into the abuse of Zelle payments by scammers.
BofA discloses CFPB probe of Zelle payments
Payments Dive
OCTOBER 30, 2024
Bank of America is responding to a Consumer Financial Protection Bureau inquiry related to the bank’s processing of electronic payments through Zelle, the lender disclosed in a regulatory filing.
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Early Warning's Zelle adds behavioral biometrics to boost its security
Payments Source
OCTOBER 27, 2016
When Early Warning acquired clearXchange—soon to be renamed Zelle—late last year, the acquisition was applauded by banks that make up the P-to-P payments network because it brought Early Warning's various fraud detection technologies into play.
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How the pandemic is propelling Zelle
Payments Source
JULY 29, 2020
The pandemic’s physical distancing requirements appear to have accelerated transaction volume and overall use of Zelle, the P2P app operated by the bank-owned Early Warning Services LLC.
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Venmo, Zelle and Cash App leave users vulnerable to fraud - Manhattan DA
Finextra
JANUARY 25, 2024
Manhattan's district attorney has written to the firms behind Venmo, Zelle and the Cash App, calling on them to up their security measures in the face of growing fraud.
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Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams
PYMNTS
OCTOBER 16, 2020
Fighting these threats requires an equally wide range of defenses, says Jamie Armistead, Zelle vice president. Peer-to-peer (P2P) payment apps like CashApp , PayPal , Venmo and Zelle are especially popular targets for financial crime, with fraud attacks against these apps increasing by 733 percent since 2016.
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P2P payments tools lack transparency, consumer group says
Payments Dive
OCTOBER 2, 2024
Zelle, the popular peer-to-peer payment service, and rivals should be more upfront with consumers about the ability to ask for money back, Consumer Reports says.
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Are banks doing enough to protect Zelle users from fraud?
Payments Source
FEBRUARY 22, 2018
In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to exploit this trust.
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Zelle Processes $35B In Q4 Payment Volume
PYMNTS
JANUARY 24, 2019
Zelle, traditional banks’ answer to Venmo and Paypal, continues to grow in usage, not only with customers but with banking institutions as well, according to reports. Zelle’s operator, Early Warning Services, reported a Q4 payment volume of $35 billion, which is up 12 percent from Q3 and 61 percent from a year before.
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Zelle founder to helm Ripple rival Interstellar
Payments Source
SEPTEMBER 12, 2019
The creator of Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks.
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Millennials propel Zelle at BofA
Payments Source
AUGUST 21, 2019
Bank of America’s P2P transaction volume via Zelle is surging, with millennials driving the bulk of its usage.
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Zelle breaks through to non-millennials: Half of new P2P users over 45
Payments Source
MARCH 4, 2019
The bank-run Zelle P2P network was designed without the social media-esque touches that made Venmo a hit among millennials. And as one might expect, half of all new P2P users are 45 and older.
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CFPB lawsuit against bank giants is ‘regulatory overreach,’ Zelle says
Bank Automation
DECEMBER 20, 2024
The Consumer Financial Protection Bureau announced today that it has sued Early Warning Services, Bank of America, JPMorgan and Wells Fargo for allegedly failing to implement anti-fraud safeguards on peer-to-peer payments network Zelle.
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Warren urges CFPB crackdown on Zelle fraud
Payments Dive
OCTOBER 31, 2022
Elizabeth Warren told the Consumer Financial Protection Bureau that it should amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection.”
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Citizens makes Zelle available for small business customers
The Paypers
FEBRUARY 2, 2023
US-based Citizens Financial Group has made the Zelle service available for small business customers through its mobile banking app.
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Banks discuss refund rule for customers defrauded on Zelle: report
Payments Dive
NOVEMBER 28, 2022
Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.
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Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud
Payments Dive
OCTOBER 14, 2022
Four of the seven banks that own Zelle reported data to the senator, but she focused her attention on Wells CEO Charlie Scharf in a letter Thursday.
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Banks aren't doing enough to address Zelle fraud, senators say
Payments Dive
JULY 11, 2022
Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.
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Warren probes Zelle scam policy
Payments Dive
FEBRUARY 21, 2024
Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.
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Zelle's volume surges, but there's a catch
Payments Source
JANUARY 24, 2019
The bank-led P2P network Zelle saw its strongest quarterly growth during the fourth quarter of 2018, as payment volume rose nearly 60 percent to $119 billion for the year. But a significant amount of this volume comes from just one bank.
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Zelle's next phase takes shape at BNY Mellon
Payments Source
FEBRUARY 7, 2018
The banks behind the Zelle network had more in mind than P-to-P payments between consumers, and BNY Mellon is beginning the network's evolution by targeting business payments market.
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72 Payment Network Zelle Processed $39B During Q1
PYMNTS
APRIL 24, 2019
Digital payment company Zelle sent $39 billion through its network on 147 million transactions during the first quarter of this year, the company said in a news release. This past quarter Zelle achieved several milestones toward our goal of nationwide ubiquity,” said Lou Anne Alexander, group president of payments solutions at Early Warning.
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Big banks to launch digital wallet operated by Zelle parent: report
Payments Dive
JANUARY 24, 2023
The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.
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Zelle 'scam' reveals the need for consumer responsibility
Payments Dive
FEBRUARY 20, 2018
Bottom line: don't do business with people on Craigslist unless you meet them in person.
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