Think Zelle is safe? This billion-dollar lawsuit says otherwise – KHOU
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NEW YORK — If you use Zelle to transfer money, you may want to take a closer look at your transactions. The state of New York is now suing the company, saying the popular payment app does not do enough to protect users from fraud.
New York Attorney General Letitia James claims Zelle users have lost more than a billion dollars to scammers. The lawsuit argues the app does not offer the same protections as credit cards, where fraudulent charges can often be reversed.
Consumers like Mark Fisher say they’ve been left devastated.
“I’ve never sent anyone $3,400 on my card. That’s all I had!” Fisher said.
Manhattan’s district attorney also weighed in, warning,
“If there aren’t guardrails, if there aren’t common sense fixes, we’re going to see more of these cases.”
Consumer experts say Zelle is not alone. Apps like Cash App and Venmo also carry risks. According to Consumer Reports:
Consumer reporter John Matarese says Zelle, like Venmo, can be safe if you are sending money to people you know. But for business transactions, protections are limited — meaning if fraud happens, you may have little recourse.
“Be careful and don’t waste your money,” Matarese said.
Got a story idea or tip? Text us at 713-526-1111.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Next up in 5
Example video title will go here for this video
Next up in 5
Example video title will go here for this video
NEW YORK — If you use Zelle to transfer money, you may want to take a closer look at your transactions. The state of New York is now suing the company, saying the popular payment app does not do enough to protect users from fraud.
New York Attorney General Letitia James claims Zelle users have lost more than a billion dollars to scammers. The lawsuit argues the app does not offer the same protections as credit cards, where fraudulent charges can often be reversed.
Consumers like Mark Fisher say they’ve been left devastated.
“I’ve never sent anyone $3,400 on my card. That’s all I had!” Fisher said.
Manhattan’s district attorney also weighed in, warning,
“If there aren’t guardrails, if there aren’t common sense fixes, we’re going to see more of these cases.”
Consumer experts say Zelle is not alone. Apps like Cash App and Venmo also carry risks. According to Consumer Reports:
Consumer reporter John Matarese says Zelle, like Venmo, can be safe if you are sending money to people you know. But for business transactions, protections are limited — meaning if fraud happens, you may have little recourse.
“Be careful and don’t waste your money,” Matarese said.
Got a story idea or tip? Text us at 713-526-1111.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
