Zelle Emerges as Lawmakers' Surprise Foe at Bank Hearings

Although disputed transactions represent around 0.06% of Zelle's 5 billion transactions, lawmakers slammed the platform for being unsafe and for refusing to take responsibility when consumers send money to scammers.

By Jenny Surane | September 23, 2022 at 08:10 PM

Some of Wall Street's most vocal critics chose a surprising target in a pair of hearings with the CEOs of the nation's largest banks: Zelle.

U.S. lawmakers pressed the CEOs on reports of fraud and scams on the popular payments network, which has processed more than 5 billion transactions and handled nearly US$1.5 trillion in payments since its inception in 2017. The executives said they are working together to implement new policies to protect consumers using the network.

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