Wells Fargo, Zelle slammed by Liz Warren over rampant online banking fraud
Wells Fargo customers who use Zelle to send and request payments suffer more than twice the rate of fraud and other online scams as people using other big banks, according to US Senator Elizabeth Warren .
It's worth noting that seven of the largest US banks including Wells Fargo own Early Warning Services , and thus Zelle. The other six are Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank and US Bank.In a November 7 letter to Wells Fargo CEO Charles Scharf, Warren cited her October"analysis of the limited data you provided in response to my information request" about fraud affecting the bank's customers who use Zelle.
"Overall, your response reveals that Wells Fargo appears to be unable to protect its customers from fraud and scams, unwilling to come clean about the scope of its problems, and incapable of providing a satisfactory explanation for these failures," Warren wrote.] asks for more information about unauthorized electronic fund transfers by November 21.
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