Banks on the digital payment app have begun refunding victims to address consumer protection concerns raised by U.S. lawmakers.
LOS ANGELES (KABC) -- If you or someone you know was the victim of an imposter scam on the popular quick payment app Zelle, you could soon be getting your money back.
Banks on the digital payment app have begun refunding victims to address consumer protection concerns raised by U.S. lawmakers, according to reports.
Those receiving refunds are people who have sent money to scammers pretending to be government officials, a bank or an existing service provider.
Currently, the government requires banks to reimburse customers for payments made without their authorization, but not when customers themselves make the transfer.
Zelle works by registering either a phone number or email to receive money in an instant. Critics say that single factor, plus the speed of the transfers, and the fact they can't be reversed, make it too easy for scammers to steal money with Zelle.