Zelle’s New Refund Policy Might Set New Standard
Payments | Nov 13, 2023
Zelle, a payment app owned by major banks including JPMorgan Chase and Bank of America, has recently begun refunding victims of imposter scams in response to pressure from U.S. lawmakers and consumer protection advocates.
Policy Change and Implications
Effective from June 30, this policy covers customers who were duped into sending money to scammers posing as legitimate entities. This move significantly exceeds the current legal and regulatory requirements, which mandate refunds only for unauthorized transactions, such as those made by hackers.
See: Bank CEOs Defend P2P Payments Network Zelle in Senate Hearing Over Consumer Fraud Handling
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/zelles-new-refund-policy-might-set-new-standard/
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