Scams, fraud increasing on Zelle
The report also found that the large banks that partly own Zelle have been reluctant to compensate customers who have been victims of fraud or scams. For instance, less than half of the money customers reported being sent via Zelle without authorization was being reimbursed. Warren, D-Massachusetts, a long-time critic of the big banks, requested data on fraud and scams on Zelle from seven banks starting in April. The cases of growing fraud and scams at Zelle have been highlighted in previous news reports, including two by The New York Times. Truist had 9,455 cases of fraud and scams on Zelle in 2020, which ballooned to 22,045 last year.
mlive.comFraud, scam cases increasing on Zelle, Senate report finds
Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle.
Detroit Pistons partner with Zelle, local nonprofit to improve financial literacy
In hopes of addressing a financial literacy deficit by working directly with young adults, the Detroit Pistons have partnered with Zelle to offer educational resources to encourage smart and safe banking practices and investing.
New rule will let IRS take closer look at cash app business transactions in 2022
A new IRS rule set to go into effect in 2022, will impact businesses that use cash apps like Venmo, Zelle, and PayPal, as various news outlets are reporting. An ABC Action News report said the new rule allows the IRS to take a closer look at cash app business transactions of $600 or more. The change will mostly affect businesses that receive payment through one of the cash apps. Johan further recommends setting up a separate account for business transactions, according to ABC Action News. Those who fall into the $600 or more cash apps business transaction threshold, will receive a Form 1099-K, Action News noted.
mlive.comCash app scams: How to protect yourself
The BBB is warning people should only the P2P apps to send money to people they know. And always double check the profile of the person you are sending money too before actually hitting the second button. Duquesnel also recommends knowing how your bank would handle a mistake or a problem sending or receiving money through a P2P app. If you send money by mistake it is unlikely you will get the money back, and unfortunately scam artists know that as well. “We are seeing an increase in scams being perpetrated through a P2P app.
Police blotter: Puppy purchase scam reported
The following is among recent reports made to the Monroe County Sheriff's Office. The following is among recent reports made to the Monroe County Sheriff's Office. A Frenchtown Township resident fell prey to an internet scam as she sought to purchase a puppy. When the woman contacted the seller, she was told the money would have to be transferred using Zelle, a money transfer app used on smartphones, prior to the purchase, according to sheriff's deputies. The message indicated the money would be refunded when the woman received the dog.
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