Re:Big U.S. Banks Are Stiffing Account Takeover Victims
by Maursault on Friday October 07, 2022 @06:22PM
(#33127567)
Not sure what your issue is with PayPal (philosophical objection to it seems to be popular), but at least PayPal will refund your money if you are scammed. Zelle will not and never has, and I suspect that is why banks won't cover Zelle scams. I personally consider Zelle itself a scam, and it boggles the mind why so many banks have partnerships with it. Automatic Zelle accounts when opening a bank account? Oh my God that is an astoundingly bad idea.
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Re:Big U.S. Banks Are Stiffing Account Takeover Victims
by davchana on Friday October 07, 2022 @09:49PM
(#33129094)
Zell3 itself does not store any money. It's just an interface, a glue between accounts by supporting banks.
Instead of asking the user their bank account number, routing number; you simply ask their zelle email or phone number (either of which can be with any bank, no info leaked). You send money.
Zelle ask for phone or email of other party, then it shows their registered name in Bold. If one still confirms to send, its on them.
Zelle options like check options, imagine if people said Oh my God auto check honor system??