NEW YORK – Zelle® released the following statement regarding the politically-motivated lawsuit filed by the New York Attorney General that fails to acknowledge that scams don’t start on Zelle, they start with criminals manipulating people long before dollars move.
Statement attributable to Zelle spokesperson
“Zelle® leads the fight to stop fraud and scams in America. This lawsuit is a political stunt to generate press, not progress. The Attorney General wants to hand criminals a blueprint for guaranteed payouts with no consequences, opening the floodgates to more scams, not less. That’s bad policy and puts consumers at greater risk. This is nothing more than a copycat of the Consumer Financial Protection Bureau lawsuit that was dismissed in March. Despite the Attorney General’s assertions, they did not conduct an investigation of Zelle. Had they conducted an investigation, they would have learned that more than 99.95 percent of all Zelle transactions are completed without any report of scam or fraud – which leads the industry. The Attorney General should focus on the hard facts, stopping criminal activity and adherence to the law, not overreach and meritless claims.”
About Zelle®
Zelle® is transforming how money moves, with more than five billion digital payments sent since its launch in 2017. The Zelle® network connects over 2,200 banks and credit unions of all sizes, enabling consumers and businesses to send digital payments to people and businesses they know and trust with an eligible bank account in the U.S. Money is available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and participating financial institutions in the Zelle® network, visit www.zelle.com.