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

It's a question of how big of a problem.

There's one set of scams that they think they can target.

And it's a scam in which 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.

So it looks like I'm sending it to my own phone number, but really it's a different account.

The banks are saying, look, we can figure out how to fix this.

And the way to do it is we're going to agree because it's all within Zelle and it's all within banks that we can send that money back.

So if I'm a customer of Chase and JR, you're a customer of Bank of America and you set up your scam account at Bank of America and steal $50 from me and I prove it with Chase and with Bank of America, Bank of America will send the $50 back to Chase.

Chase will send it back to me.

The first thing the banks will say is, we're going to investigate this.

And because a lot of this is done via mobile, the banks actually have incredible data that they're able to look at and say, it's your own phone, it's sitting in your house and you authorize the payment.

Or they're able to say, hey, this money, I can see that you sent it to what you thought was your phone number, but this is a different account over here and we can tell that this is fraud.

They're able to determine a lot in an investigation.

And then they decide, OK, it's a scam.

You've been tricked.

We're going to give you back your money.

And the banks have to wire it back in between each other.

So Bank of America sends it back to Chase.

Chase gives it back to the customer.

And the scammer account gets shut down.

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