David Benoit

speaker

101 appearances 1 recordings 1 series first heard Dec 2022 last heard Dec 2022

David Benoit’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Banks in Talks to Reimburse Zelle Customers Who Were Scammed · 5 Dec 2022 podcast

Someone impersonates a bank or someone impersonates something and tricks you into wiring money via Zelle to what you think is yourself.

And it turns out to be they've used your number or your email and created a separate account.

Of course.

Thanks for having me.

The big banks are the ones who created Zelle.

It is a what we call peer-to-peer payment system.

So if I want to send you $5, JR, I will send it via Zelle from my bank account to your bank account.

It's one of these instantaneous competitors to the Venmos and the cash apps of the world.

And the banks created it as an internal system because they saw Venmo was becoming really popular and they needed a way to compete.

So that's a tricky question.

It sort of depends on who you ask.

And it's sort of at the center of a fight over Zelle.

So the banks would say not a dollar number, but they'd say 99.9% of our transactions through Zelle are safe.

There's no scam.

There's no fraud.

What we've been hearing, though, is the numbers of scams and frauds have been increasing as the number of transactions have been increasing.

And Elizabeth Warren, the Massachusetts senator, has really focused in on Zelle as a problem.

And she put out a report in October saying that she got data from the banks and that several of the banks gave her what she wanted and that we've seen about $250 million in fraud this year on Zelle.

The banks sort of dispute how she's counting that.

But the numbers are growing and it's a problem.

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