As technology continues to revolutionize the way the world communicates and processes financial transactions, financial services apps, in particular, have risen in prominence. One such payment service app, Zelle, which has been operational since the end of 2017, has recently announced they will begin the process of refunding customers who have been victims of fraudulent activities.
The increase in online and mobile payment services has had a number of benefits and advantages for consumers, however, it has unfortunately also opened the door for malicious actors to utilize impersonation tactics in order to acquire funds. This type of fraud has been justified as “imposter scams”, it occurs when someone impersonates another person in order to trick them out of their money when using payment services online. The malicious actor will use an account belonging to someone they know or create an account in the victim’s name in order to appear more trustworthy.
Given the rise in the amount of financial gains scammers have been able to make through these activities, Zelle decided to take action and offer refunds to individuals affected by these fraudulent activities. The company has announced they will soon be rolling out a customer service program specifically designed to handle these cases.
In a statement, Zelle stated that they “are committed to helping customers who have been adversely affected by imposter scams. To that end, Zelle is introducing a program to refund customers who have been improper victims of an imposter scam.”
This program will allow customers to submit formal complaints regarding their experience of an imposter scam, which will then be reviewed by the Zelle team in order to determine eligibility for a refund. If it is determined that the customer is eligible for a refund, they will receive the funds through their bank account within 5-7 business days.
As technology continues to evolve, the potential risk of falling victim to malicious activities such as imposter scams rises as well. Zelle’s new customer service offering demonstrates the commitment the company has to protecting their customers and providing them with the peace of mind they need during this dynamic environment.
