JPMorgan Chase and Wells Fargo are refusing to reimburse the vast majority of customers who send their money to scammers, according to a new report. New numbers from the US Senate’s Permanent Subcommittee on Investigations show Chase reimbursed 2% of scams reported on the instant payments network Zelle in 2023.

JPMorgan Chase and Wells Fargo Reimburse 4% or Less of All Scams Reported by Customers on Billion-Dollar Payments Network: Report

Complaints about Zelle scams are on the rise and the issue may be about to get more attention from federal regulators. Zelle is a peer-to-peer payment app owned by seven large banks and offered to bank customers to send money. If a hacker breaks into an account and makes an unauthorized transfer, the bank usually makes good and refunds the money.

Feds reportedly considering requiring banks to cover Zelle scam losses

Business Insider

Consumers defrauded while using Zelle or other peer-to-peer payment apps might have increased reimbursement protections under a new bill.

Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.

TIME

Three agencies are working together to warn customrs about solar scams

U.S. Government Asks For Consumer Help on Solar Scams

Florida State

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Edmond Thorne

The Future of Free Peer-to-Peer Payment Services: Zelle and Venmo Under Scrutiny, May Start Charging Transaction Fees. Fort Lauderdale, FL. - In recent years, peer-to-peer (P2P) payment services like Zelle and Venmo have revolutionized the way we transfer money. These platforms offer a convenient and often free way to send and receive funds. However, the days of free transactions may be numbered as both services face increasing scrutiny over their fraud and scam policies, prompting government investigations and potential regulatory changes.

Florida Zelle & Venmo Users: "Fees" May Be on the Way Due to Rampant Fraud

The US Sun

THE FBI has issued a warning about a new scam targeting people nationwide. This peculiar scam manipulates individuals into cutting up their bank cards and sending the remains to fraudsters while preserving the vital chip. This scam has already resulted in significant financial losses for countless victims. One victim, a Las Vegas woman, was defrauded […]

Wells Fargo customers warned over suspicious requests from ‘bank employees,’ as one claims caller ‘knew where I lived’

FinanceBuzz

Are you vulnerable to text message scams? Here are seven popular financial scam messages circulating today that you'll want to delete immediately.

These 7 Text Messages Are Almost Always Financial Scams

Cash App is expected to pay out up to $15 million in a class action settlement due to two data security incidents and company practices around unauthorized account access and fraudulent transactions, meaning eligible Cash App users can now file a claim and could receive up to $2,500. In a...

Cash App Data Breach Settlement: How to Claim Up to $2,500

AMERICANS have the opportunity to claim a one-time payment from a billion-dollar class action settlement. Visa and Mastercard agreed pay $5.6 billion after consumers paid excessive fees to accept their payment cards. The lawsuit alleged that Visa and Mastercard violated the antitrust laws. Antitrust laws also referred to as competition laws, are statutes developed by […]

Americans to receive one-time payment from $5.6 billion Visa Mastercard settlement – and the deadline has been extended

Capital One credit card merger class action overview:. Who: Plaintiffs Tyler Baker and Lora Grodnick, both Capital One credit card holders, have filed a class action lawsuit against Capital One and Discover. Why: Baker and Grodnick want to halt a merger between the two credit card companies, saying it will...

Capital One credit card holders file class action over Discover merger

THOUSANDS of people across the country are eligible for a one-time payment after a settlement has been reached in a lawsuit. A data breach in 2021 impacted over 710,000 Americans who were connected to the eye-care provider Nationwide Vision and Vision plan provider Sightcare. In agreeing to a $3.45 million...

Americans to get $300 payment from $3.45m pot after company ‘failed to protect them’ – certain customers will get $5,400

Polk County, FL

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Fort Meade, FL

Uncovering Florida

The Polk County Sheriff's Office has made an arrest after conducting an investigation into a case of credit card fraud involving 28-year-old Burger King employee, Kellyn Miley. The incident was discussed in detail during this morning's briefing with Sheriff Grady Judd.

Burger King Employee Caught Using Customer's Credit Card for Food at Former Job

With all the excitement that comes with a trip to the casino, there’s an accompanying inconvenience: carrying cash. Before players even set foot on the casino floor, their first stop is at the ATM or the bank. John Parsons, Vice-President of Gaming for Trustly, notes that about 90 percent of the money entering casinos is cash brought in by guests from outside the casino.

Trustly’s next bet: Bringing cashless-payment ease to casino floors

A US banker has admitted to stealing millions of dollars from customers’ accounts in a 15 year-long scheme. The U.S. Attorney’s Office for the Western District of Missouri says 36-year-old Megan Lea Dougherty has pleaded guilty to one count of bank fraud for looting $2.393 million from over a dozen Exchange Bank of Missouri customer accounts.

$2,393,288 Drained From Customers’ Bank Accounts As Insider Falsifies Records, Transfers Funds to Herself and Family: US Department of Justice

IF you're one of the 50 million Americans who use a popular mobile payment app, you may be entitled to a payment from a $15 million settlement. Cash App is facing a class action lawsuit regarding data breaches between 2022 and 2023. The suit alleges that Cash App failed to...

Americans can claim up to $2,500 from $15 million mobile payment service settlement – you must meet three criteria

Utah State

The Federal Trade Commission returned millions of dollars to consumers through FTC refunds for nine settlements in June and July. The FTC sent more than $12 million in refunds to consumers who paid for deceptive real estate investment coaching from Zurixx. According to the FTC and the Utah Department of...

FTC refunds | June & July 2024

New York City, NY

Guo Wengui, also known as Miles Guo, was convicted of a billion-dollar fraud by U.S. prosecutors in New York. Guo has been an associate of fromer Trump strategist Steve Bannon, who was arrested on Guo's yacht in 2020. Exiled Chinese businessman Guo Wengui, who also uses the alias Miles Guo,...

Steve Bannon-Linked Chinese Businessman Found Guilty in Fraud Scheme

Identity scams are wreaking havoc on Americans’ financial lives, and the list of schemes to watch out for only seems to grow. You have to be mindful of scams during tax season, around Valentine’s Day and even when trying to snag a deal on Prime Day. And fraudsters are getting more creative with their tactics, making it easier to accidentally fall for a scam.

We Can’t Stop Falling for These 4 Identity Theft Scams. Here’s How to Spot Them

Tom's Guide

Scammers are calling victims on the phone impersonating their bank while an accomplice goes to their home to get the chip and PIN from their debit card.

FBI issues warning over scammers impersonating banks to steal your debit cards

Discover how to avoid bank account fraud. We'll explain the common types of bank fraud, prevention strategies, and what to do if you're a victim.

Understanding and Preventing Bank Account Fraud

NewsBreak

US Regulators Investigate Banks’ Responses to Scams on Zelle

US regulators are accusing big banks of not doing enough to protect consumers from the cyber scammers who are helping themselves to others’ electronic cash. JPMorgan...

US Regulators Investigate Banks’ Responses to Scams on Zelle

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