Released: November 13, 2023

Zelle customers to get refunds for money lost to impostor scams

Source: Elizabeth Napolitano, CBS News

Since June 30, more than 2,000 financial firms have begun reversing transfers their customers made to scammers who impersonated officials from government agencies, banks or other service providers in so-called impostor scams, Zelle's parent company, Early Warning Services (EWS), told Reuters.

In addition to recovering funds from scammers and reimbursing impostor scam victims, Zelle has implemented other policy changes to combat fraud on its network, Reuters reported. For example, lenders on Zelle have implemented a tool that flags risky transfers, such as those involving recipients that have never processed transactions on the payments network.

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