The suit says Bank of America is aware of the risks to customers, but still 'touts Zelle as a secure, free and convenient way to make money transfers.'
OAKLAND, Calif. -- 7 On Your Side has reported about the many scams that drain their victims' bank accounts using Zelle, the popular quick-payment app owned by major banks. Fraudsters use a variety of schemes to trick victims into sending them money. The transfers are so fast, that they can't be traced or reversed.
Now, a class-action lawsuit claims Bank of America has failed to warn customers about the risks of sending money through Zelle. Zelle is the most widely-used peer-to-peer payment app in the country. Hundreds of banks automatically add Zelle to their online and mobile banking apps. It's simple to use and money is gone fast. Which makes it the perfect tool for scammers.who were tricked into sending money to bank imposters using Zelle. All were shocked to find out that Bank of America offers no fraud protections for Zelle transactions.
The suit, filed in federal court in Oakland, says Zelle is now the nation's most popular peer-to-peer payment app with $490 billion in money transfers last year alone.The suit says Bank of America is aware of the risks to customers, but still"touts Zelle as a secure, free and convenient way to make money transfers."
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