Zelle responds to pressure, introduces limited refunds for scam victims
Zelle's parent company, Early Warning Services (EWS), has started refunding customers who fell victim to Zelle scams, reversing its previous stance that customers are responsible for their own transactions. The move comes amid growing concern and pressure from regulators and lawmakers. The new policy specifies that customers will be reimbursed if scammers posed as a government agency or a bank, but not if they posed as a company or an individual. The voluntary arrangement has satisfied the Consumer Financial Protection Bureau (CFPB), but some argue that legislation would have been preferable. Bank CEOs are expected to testify to the Senate on the issue in December.