I wanted to just give you an update on something I'm working on in the Senate, Danielle. My office has been tracking a rising problem: fraud and scams on Zelle, the nation's most popular peer-to-peer payment platform. The big banks that own it say it's fast, easy, and safe. Well, that's only two-thirds true. When everything's working right, people can use it to quickly and easily pay a friend back for dinner, or send rent money to a roommate, or manage their small business. But more and more, bad actors have been defrauding people by impersonating reputable institutions, disguising their contact information, or even gaining access to someone's account to make unauthorized payments. We started an investigation earlier this year and pressed for answers from the seven big banks that own and profit from Zelle. Only one bank sent back information on how many fraudulent transactions consumers had reported. The rest of them stonewalled. So it was time to make some noise. At a Banking Committee hearing last month, I asked the CEOs of the other six banks — including JP Morgan Chase's Jamie Dimon — for the rest of the data. They didn't have it. Jamie Dimon actually promised he'd send it by the end of the day — after the hearing would be over, the cameras would be off, and he wouldn't have to answer any questions about it (oh how convenient). Despite that promise, I'm still waiting on numbers from him, by the way, and from a few of the other banks (not holding my breath). But others finally did send in their data. And this week, my office released the findings of our investigation: - Fraud and theft are on the rise. Four banks that sent in numbers received $90 million worth of fraud and scam claims in 2020. For 2022, that's on pace to be $255 million.
- Banks aren't providing refunds in the vast majority of cases where customers were fraudulently induced into making payments. The three banks that sent in full data only reported repaying customers for 9.6% of scam claims, and only paid back 11% of what had been taken.
- And in even more extreme cases — when bad actors got into someone's Zelle account and made unauthorized payments — banks only reported paying back 47%. That's a potential violation of federal law and CFPB rules right there.
I'll keep pressing for all the data so we can get the full picture. But it's clear: we need to hold the banks accountable for abuse and enact stronger consumer protections, including strengthening regulations that apply to platforms like Zelle. That's exactly what I'm going to keep fighting for. I'll stay on this, Danielle — and I'm grateful that you're on this team. I work for the American people, not the big banks, and grassroots support keeps me in the fight. Thanks for being a part of this, Elizabeth | 
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