ZELLE

Competition over your digital wallet is heating up, yet peer-to-peer payments still have varying degrees of consumer protections.

Kurt "CyberGuy" Knutsson shows you how to protect yourself against scanners and hackers looking for victims on Facebook Marketplace, including Zelle impostors.

Some Bank of America members are in a frenzy due to allegedly missing funds in their accounts.

The website Downdetector reported spikes in outages involving Bank of America and payment platform Zelle starting Wednesday morning. Some users are even saying money is missing from their accounts.

Massachusetts Sen. Elizabeth Warren says Wells Fargo has received a disproportionate number of complaints from customers scammed and defrauded by Zelle.

Sen. Elizabeth Warren, D-Mass., blasted peer-to-peer payment platform Zelle in a letter to the Consumer Financial Protection Bureau.

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.

Customers who get ripped off using the bank-run online payment system seldom get their money back, lawmaker claims.

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.

More than 18 million people in the last year were scammed using apps, like Zelle or Cash App, to send money virtually.

The Consumer Financial Protection Bureau plans to tighten banking rules related to money-transfer scams, according to a report in The Wall Street Journal.

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.

Canton Township police are warning residents about a new phone scam where the caller pretends to be one of their police officers. On Monday (March 1), a resident called to report the exchange after handing over more than $12,000.

Using Venmo, PayPal and Cash App to accept payments for your small business? Here’s what the new tax law says.

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.

It’s easier than ever to digitally send and receive money right from your smartphone -- the trouble is, scammers know this, too.

Thursday at 6:30 a.m. on Local 4 News Today

There’s been a rise in complaints about mobile payment apps and digital wallets as more Americans go cashless. Here’s what consumers need to know.

The nonprofit U.S. Public Interest Research Group [PIRG] says top issues include scams, trouble using accounts and poor customer service.

The nonprofit U.S. Public Interest Research Group [PIRG] says top issues include scams, trouble using accounts and poor customer service.

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.

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.