JPMorgan, others discuss how to reimburse scammed Zelle customers, WSJ reports

JPMorgan (JPM), Wells Fargo (WFC), and Bank of America (BAC) are some of the banks currently discussing options for refunding customers and each other after falling victim to scams on their Zelle payment network, David Benoit and AnnaMaria Andriotis of The Wall Street Journal reports, citing people familiar with the matter. The idea is to boost security and customer trust in Zelle, the Journal’s sources said. While Zelle has safeguards for for transactions they did not authorize, there is no such protection for customers who have been scammed into sending money. With scamming increasing in recent years, conversations between the banks are now centered on standardizing refund procedures for scams, the Journal’s sources said. Reference Link