A year after Zelle rule change, fraud victims and lawmakers seek clarity on reimbursement policy

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Published 2024-07-16

As of June 30, 2023, Zelle revised its rules to require financial institutions offering the peer-to-peer payment service to reimburse consumers for certain qualifying imposter scams. However, some fraud victims say they’re still being denied reimbursements, and federal lawmakers have sought answers on exactly who qualifies for these protections.

Zelle's operator, Early Warning Services, is co-owned by seven of the country's largest banks. Customers can easily send payments to friends and family using Zelle in their bank’s app. The transactions are nearly instantaneous as well as irreversible, making it a popular payment method for scammers.

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