Jpmorgan Chase is starting to block Zelle payments from social media after $ 206,800,000 lost against scams
The largest bank in the United States began to block certain Zelle transactions after hundreds of millions of dollars in scams were facilitated through the payment platform.
The American banking giant Jpmorgan Chase now gives pop-ups to Zelle users who are trying to send money to people who seem to come from social media, reports CNBC.
The bank warns that more than half of all Zelle scams are initiated via social media platforms.
Melissa Feldssher, responsible for JPMorgan payments and loans innovation, says that the bank does not recommend using applications like Zelle to send payments to people you don't know.
“Many interactions that occur on social networks are between people who do not know each other and, therefore, you have interactions [that are] leading to the exchange of money between people who do not know each other.
We believe that in cases where you send and send money to someone you don't know, you should use a product that has purchases, products we offer in Chase, such as debit cards and credit cards. We do not think you should use products like Zelle – in the same way that you would not use money to send money to buy something from someone you have never met or to goods you have never seen. “”
A recent Senate report From last July, revealed that $ 207 million in Zelle payments were challenged as scams of JPMorgan Chase, Bank of America and Wells Fargo clients – the vast majority of which were not reimbursed.
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