The Expert Podcast

Okay, if you've been a viewer of this channel for long enough, you know we've been watching this whole Zelle payment fraud scam issue. Zelle was a payment system that came out probably about seven or eight years ago to be a competitor to things like PayPal, Cash App, or Venmo. It was invented by several large banks—Wells Fargo, JP Morgan, and so on. What they wanted to do was make it easy for people to make payments, which is a great and novel idea. However, they made it too easy, to the point where people were losing money.

Over the years, many people have lost their life savings and entire bank accounts on Zelle because scammers were able to get into the system and drain their funds. Well, now, finally—

You will be back in your video in just a few seconds. In the meantime, remember that ActualHuman.com offers you live, one-on-one private video consultations with an expert in this exact subject. We want to listen to your story, hear your questions, give you expert advisement on your options, and tell you what we know about your particular situation.

Now, back to your video. The federal government is stepping in to regulate and pass some rules that make Zelle less of a scam-target-rich environment. The Consumer Financial Protection Bureau (CFPB) has actually filed a lawsuit against Zelle to recover some losses, get fines paid, and also force them to change their operations so that scams aren't quite as easy.

We’re going to keep an eye on this story. If you've been a victim of a Zelle scam, let us know in the comments below. You can also access our website, ActiveIntel.com, for victim resources to find out what might be available to you if you’ve been a fraud victim. This is a good first step from the federal government to address the financial devastation that many people have faced due to Zelle payment fraud.

If you liked this video, be sure to check out a few others on our channel to see if there’s more information that might be helpful to you—whether on this same subject or other related topics that could assist you in resolving your issue.