Democratic U.S. Senator Elizabeth Warren criticized Wells Fargo & Co for failing to protect its customers from fraud and scams on Zelle, a digital payments platform owned by seven of the biggest U.S. banks.
Oct 13 - Democratic U.S. Senator Elizabeth Warren criticized Wells Fargo & Co
In a letter dated Oct. 6 but made public on Thursday, Warren told Wells CEO Charles Scharf the "alarming pattern" was made worse by the bank's refusal to make its Zelle scam and fraud data public. Warren and other lawmakers have pressed large banks like Zelle to do more to protect consumers who suffer scams on the platform, and have demanded banks provide complete data on the level of Zelle fraud reported at each bank.
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