This came out of left field today.
According to David Benoit and AnnaMaria Andriotis of the WSJ, Zelle is purportedly creating a "playbook" for banks and themselves to have systems to refund victims of Zelle fraud, particularly the "me to me" scam that has been going on for years.
In this emergency podcast, I will tell you everything that is wrong with this supposed thing Zelle is doing. I don't believe them for one second, and I will explain in detail. Whether it is simply the fact that the money has to come from SOMEWHERE, it means banks are going to incur "policy losses" in the millions of dollar range for someone who may not even be their own client who got their money stolen using a banks account that also may have been a victims account? Makes no sense.
I also explain how typos not being covered as a means of refunding tells me how ridiculous this all is, and I explain how "mobile phone data" that Zelle claims to be using to get these refunds out has already been used by banks for years to deny people's claims.
This is all so ridiculous, and I spell it out for you in this podcast. Thanks for listening!
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