The Expert Podcast

…Over the past few years there have been many. Thousands of victims of online fraud that have sent money using the platform Zelle and Zelle is a platform created by many of the large banks, Wells Fargo JP Morgan. And that platform was used to make it easy to transfer money from account holders at these banks to third parties you can use it to pay. in the same way you might use Venmo or other platforms. The problem is because it was so easy. to send money scammers. And fraudsters used it as a way. To take money from unsuspecting victims. And since there were less safeguards on that system then things like credit card merchant accounts or even wire transfers. Many times the victims sent money. knowingly to fraudulent third parties Sometimes the the Zelle accounts were hacked Sometimes they faked the second party authentication. Sometimes they just use Zelle as a way to transfer money. Four. Misrepresented fraud Well, now these chickens are coming home to roost. There have been major lawsuits and sometimes states attorneys general. Have stepped in and said look, this platform was used by scammers So now the banks have liability. Well there's an ongoing settlement in place where Zell and the banks are looking to possibly reimburse some of these victims. So if you've been a victim of a fraud, and the money went through Zelle…Get in contact with your bank. Or take a look at. This ruling and the FTC may get involved where you may have. Ability to get reimbursed for your losses. This is a relatively new development and it's ongoing. there's going to be. Updates to this as time goes on but you might want to get in the process now So you're first in line to get reimbursements from a loss that may have occurred. Using this Zelle money transfer platform. To send money to a fraudster or a scammer.