Zelle customers to get refunds for money lost in impostor scams, report says
CBSN
Banks that participate in Zelle, a peer-to-peer payment service, have begun refunding money to victims of fraud amid pressure from lawmakers.
Since June 30, more than 2,000 financial firms have begun reversing transfers their customers made to scammers who impersonated as officials from government agencies, banks or other service providers in so-called impostor scams, Zelle's parent company, Early Warning Services (EWS), told Reuters.
Banks have historically resisted calls to reimburse victims of these types of scams, arguing that federal rules only require them to issue refunds for money taken out of customers' bank accounts by hackers, as opposed to fraudulent payments customers are duped into authorizing, the wire service noted.
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