Several bank customers now report illegal activity after using Zelle, a digital payments network owned by financial institutions.
The-Sun reports that a woman was scammed out of thousands of dollars after transferring money to a fraudster to buy tickets for an event.
These types of scams are common as ticket sellers request payments to be transferred through Zelle, according to TechCrunch, who first reported the story just a few years back.
The woman said the exchange felt normal as you have to log into your bank account to initiate the money transfer.
She said her and the ticket seller both use Bank of America, so the exchange felt “less alarming.”
“After transferring the money, he shut down his Bank of America account,” she told the outlet.
“I have filed two claims with Bank of America, who has denied any form of protection or refund because I initiated the payment,” she added.
TechCrunch also stated that the woman filed a claim with the Internet Crime Complaint Center, but fears nothing will happen.
There have been no updates on whether the woman received her refund of the $2,000.
Another Zelle user lost over $4,000 following a phone call she believed was from her bank.
Debbie blamed her financial institution Chase Bank for not helping her once the money was gone.
Debbie said she lost $4,600 in that incident and added that Chase Bank declined to make her whole.
Banks are required to cover any losses incurred during these sorts of electronic payments if they were unauthorized, according to federal law, reports The-Sun.
“Right now it’s still on the banks to make a decision as to whether or not this transaction was authorized per the terms of your agreement with your financial institution,” according to payments expert Peter Tapling.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
A massive bank now lays off a whopping 5000 staff members globally in efforts to drive efficiency and slash costs.
Barclays said it has axed around 5,000 jobs globally during 2023 to “simplify and reshape the business”, with most of the roles affected in the technology side of the business.
The bank said the jobs were “removed” as part of its ongoing efficiency programme. The majority jobs affected are within its support arm, Barclays Execution Services, which provides technological and operation services to businesses.
Barclays said the majority of individuals impacted by the job losses worked in the bank’s support and UK chief operating officer functions as “management layers are reduced” and the group “improves its technology and automation capabilities”.
It comes after the trade union Unite said last year that Barclays had cut 900 jobs in its UK business.
In November, Unite said the jobs would go across a number of back-office divisions and branded the decision to axe staff in the lead-up to Christmas “disgraceful”.
Barclays has cut costs in recent years, and has already seen jobs go across its retail and investment banking businesses.
A Barclays spokesperson said: “Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns. The Group is also creating capacity to selectively hire front office roles in key businesses.
“The majority of the individuals impacted are within Barclays’ support function, Barclays Execution Services ‘BX’, and the Barclays UK chief operating officer function, as management layers are reduced and the group improves its technology and automation capabilities.
“We are supporting impacted colleagues with training, advice and outplacement services, depending on their location.
“The headcount reduction programme forms part of the potential material structural cost action charge announced at Q3 2023 results, to be taken in Q4 2023.”
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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