Senator: Top Banks Only Reimburse 38% of Unauthorized Claims
Data Breach Today
JULY 25, 2024
Bank Execs at Senate Hearing Defend Zelle Reimbursements, Payment Fraud Programs During a hearing Tuesday, U.S. Sen. Richard Blumenthal, D-Conn., revealed that Bank of America, JPMorgan Chase and Wells Fargo only reimbursed 38% of unauthorized Zelle transactions - leaving consumers on the hook for $100 million in fraud losses. The banks disputed the committee's findings.
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