Outage reports for Bank of America and Zelle spiked on Downdetector on Wednesday morning.
A release from Warren's office that highlighted key report findings said that"the data provided by the banks revealed that they reimbursed consumers for only 47 percent of the dollar amount of cases in which customers reported these unauthorized payments on Zelle in 2021 and the first half of 2022."
Zelle's network owner and operator, Early Warning Services LLC, has pushed back on reports of rampant fraud on its service. "Tens of millions of consumers safely use Zelle every day with more than 99.9 percent of payments sent without any report of fraud or scams," it said in a mid-October 2022 statement."Any external analysis done is incomplete and does not reflect the efforts and data reported by more than 1,700 financial institutions on the Zelle Network."
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