News Zelle scams stealing thousands from Americans, and banks don't always help — what you can do

Nov 12, 2021
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I was a victim of this scam in early October 2021. Scammed through my Wells Fargo mobile app Zelle. I’ve been fighting Wells Fargo ever since. Regulation E of the Electronic Funds Transfer Act actually does apply here - being induced by fraud to make a transfer you think is reversing a fraudulent transfer means you authorized restoring funds you understand have been stolen from you. It does NOT mean you authorized handing over your hard-earned money to a criminal.
Banks need to step up and restore all stolen funds to their customers. Banks assumed the heightened risk of fraud when they decided to profit from Zelle - which THEY OWN - by embedding it in their mobile apps. The Office of Comptroller of Currency or Consumer Financial Protection Bureau needs to hold banks accountable. Instead, banks serve as “investigator” and adjudicator of fraud claims to which they are interested parties - clearly an unfair business practice. The whole situation is disgusting, and nobody but a handful of members of the news media seems to take action to protect consumers.
 
Jan 5, 2022
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I was a victim of this scam in early October 2021. Scammed through my Wells Fargo mobile app Zelle. I’ve been fighting Wells Fargo ever since. Regulation E of the Electronic Funds Transfer Act actually does apply here - being induced by fraud to make a transfer you think is reversing a fraudulent transfer means you authorized restoring funds you understand have been stolen from you. It does NOT mean you authorized handing over your hard-earned money to a criminal.
Banks need to step up and restore all stolen funds to their customers. Banks assumed the heightened risk of fraud when they decided to profit from Zelle - which THEY OWN - by embedding it in their mobile apps. The Office of Comptroller of Currency or Consumer Financial Protection Bureau needs to hold banks accountable. Instead, banks serve as “investigator” and adjudicator of fraud claims to which they are interested parties - clearly an unfair business practice. The whole situation is disgusting, and nobody but a handful of members of the news media seems to take action to protect consumers.
Who did you have to go through to to start this fight? I have an investigation pending at the moment. I just know they are going to deny it. The scammer called me 3 hours after I got off the phone with custom service, and knew information about me and my account that lead me to believe they worked for wells Fargo. It was a very convincing scammer and the fact that they called 3 hours after I got off the phone is just to big of a coincident. The fraud agent I spoke to said she was getting 20 calls a day about this same issue. It's ridiculous how they haven't fixed this issue yet, or made it where they subtract the money from who ever they had sent it to.
 
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