Data indicates that Wells Fargo customers are reporting fraud and scams on the bank’s shared instant-payment Zelle platform at a rate that is nearly 2.5 times greater than 2019, according to Sen. Elizabeth Warren.
Sen. Elizabeth Warren is tightening the pressure on Wells Fargo CEO Charles Scharf, just one among major bank executives that the Massachusetts Democrat is targeting amid evidence of repeat fraud on Zelle, the instant-payments system owned by seven of the U.S.’s largest banks.
Across all banks and credit unions, Zelle users sent 1.8 billion payments last year, totaling $490 billion. “Last year Zelle users were defrauded $500 million that we know of,” Warren said then. “You built it, you profit from every transaction, and you tell people it’s safe.”
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Wells Fargo failing to protect customers from Zelle scams -Senator WarrenDemocratic U.S. Senator Elizabeth Warren criticized Wells Fargo & Co for failing to protect its customers from fraud and scams on Zelle, a digital payments platform owned by seven of the biggest U.S. banks.
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Wells Fargo’s San Francisco headquarters houses no member of its ‘senior leadership team’ - San Francisco Business TimesIn banking news, WellsFargo says it no longer has anyone from its 'senior leadership team' based in San Francisco. But the bank says its HQ isn't leaving the city it has called home since its founding in 1852.
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