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

There's this law called Reg E that requires banks to refund you if –

If someone hacks into your account and spends your money, that they have to refund you.

The difference has always been if you authorize a payment, if you hit the button and say, I'm sending the money, the banks don't have to pay you back under the law.

And the scammers have gotten very good, especially at this scam of pretending to be the bank where they call you and say, hey, your account's been hacked.

We're a security from the bank, and the way for us to determine it's you and reopen this is for you to zell yourself some money.

And people get all freaked out, and they say, okay, sure, let me do it.

I see that I'm sending it to my own number, and it goes to the scammer.

Scamming is as old as money exists, probably, right?

This is pretty broad.

It is across all payment systems.

And the banks would say Elizabeth Warren has it wrong.

They've been trying to make this argument a lot that the 99.9% of transactions that go through Zelle are good and the numbers are worse on our fintech competitors who have less control over the network.

But the numbers are all sort of hard to get a grasp of.

But the banks say Zelle is safer for what it's worth.

So our reporting right now is that the big banks that own it, the seven owners of this, have pretty much agreed to do this.

They're working on some tests to sort of make sure they don't accidentally open some other way for scammers to scam them.

And they're planning to announce the rules in early next year and then roll them out to everyone.

Well, they're afraid of if we're refunding things, then that someone will figure out, like, they don't want to open up a new way.

I don't know that there is one, but they test these things.

They're making sure they are protected, and it's not like you and I can figure out how to scam the bank out of $50 because they're going to refund us.

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