Electronic Payment - Revision history

Tom: /* Fraud */

2024-09-13T23:17:56Z

‎Fraud

Tom: /* Paze */

2024-02-22T18:49:12Z

‎Paze

Tom: /* Fraud */

2024-02-22T18:44:49Z

‎Fraud

Tom at 18:01, 27 April 2023

2023-04-27T18:01:20Z

Tom: /* Examples */

2022-07-13T00:18:40Z

‎Examples

Tom: /* Zelle */

2022-02-16T20:38:34Z

‎Zelle

Tom: Created page with "==Full Title or Meme== This page addresses payment methods that are endorsed by banking consortia. ==Examples== ===Zelle=== So, who is decided to stick innocent bank custome..."

2022-02-16T20:38:02Z

Created page with "==Full Title or Meme== This page addresses payment methods that are endorsed by banking consortia. ==Examples== ===Zelle=== So, who is decided to stick innocent bank custome..."

New page

==Full Title or Meme==
This page addresses payment methods that are endorsed by banking consortia.

==Examples==

===Zelle===
So, who is decided to stick innocent bank customers with multi-million-dollar losses from Zelle Fraud smishing and vishing attacks by sophisticated cyberber criminals?

It's these guys, the CEOs of the seven multi-billion-dollar big-bank "families" that own and control their bank payment rails:

* JPMorgan Chase CEO Jamie Dimon
* Bank of America CEO Brian Moynihan
* Wells Fargo Charles Scharf
* Truist CEO Kelly King
* Capital One CEO Richard Fairbank
* PNC Bank CEO Willian Demchak
* U.S. Bank CEO Andrew Cecere

These CEOs are responsible for their big-bank "families" that own Early Warning Services, LLC (EWS), which built and operates the Zelle Network. These big-bank Godfathers earn their multi-million-dollar salaries by serving the best interests of their shareholders, which includes to increasing revenue (Zelle transaction fees) and eliminating expenses (passing Zelle Fraud losses to bank customers).

"While Zelle is both free to the user and instantaneous, it costs the participating bank between $0.50 to $0.75 per transaction." https://lnkd.in/dnW76JMK. Because EWS is an LLC, there is no public reporting of its Zelle Network revenue and net income shared by the 7-bank consortium that owns EWS.

To learn more about Zelle Fraud and Zell Fraud victims, visit ZelleFraud[.]com, and listen to the Zelle Fraud videocast on "The Brett Johnson Show" on Thursday, February 17.
==References==

[[Category: Payment]]

@@ Line 55: / Line 55: @@
 Apparently, customer fraud complaints are so rampant at Bank of America (BOA) that its fraud department puts its customers on a 20-minute hold, and promises to call back to help. But when criminals posing as BOA call back before BOA, the bank blames its customers for bank fraud executed with bank-built Zelle, and refuses to reimburse its defrauded bank customers who were “expecting” a call back from BOA’s fraud department.
-BOA and other Zelle banks apparently are comfortable with enriching criminals using bank-built Zelle at the expense of their customers, to whom they have a fiduciary duty to protect their bank accounts.
+BOA and other Zelle banks apparently are comfortable with enriching criminals using bank-built Zelle at the expense of their customers, to whom they have a [[Fiduciary]] duty to protect their bank accounts.
 Will we ever read an article about how BOA, other Zelle banks/credit unions and Early Warning Services take a proactive approach to stop enriching criminals through Zelle, at the expense of bank/credit union customers?

@@ Line 22: / Line 22: @@
 To learn more about Zelle Fraud and Zell Fraud victims, visit ZelleFraud.com, and listen to the Zelle Fraud videocast on "The Brett Johnson Show" on Thursday, February 17.
 ===Paze===
   the distinctions between **Zelle** and **Paze**:
@@ Line 40: / Line 42: @@
     - **Backed by Banks**: Paze has the backing of the same seven major banks that support Zelle.
     - **User Experience**: Paze prioritizes **ease of use** and aims to redefine online transaction management.
-    - **Launch**: Paze is slated for a full rollout in **2024** and is currently undergoing testing with thousands of wallets¹.
+    - **Launch**: Paze is slated for a full rollout in **2024** and is currently undergoing testing with thousands of wallets.<ref name=paypal />
 In summary, while both Zelle and Paze simplify online payments, they cater to distinct user needs. Zelle focuses on account transfers, whereas Paze operates as an integrated button for card-based transactions on merchant websites¹.
 Source: Conversation with Bing, 2/22/2024
-(1) Zelle vs PayPal | Fees, Exchange Rates & Speed Compared .... https://moneytransfers.com/comparison/zelle-vs-paypal.
+(1) .
 (2) Examining Paze Digital Wallet | Spreedly. https://www.spreedly.com/blog/examining-paze-digital-wallet.
 (3) Why Paze is a game changer in e-commerce transactions for parent .... https://www.paze.com/blog/why-paze-game-changer-e-commerce-transactions-parent-company-early-warning-and-how-it-builds.

@@ Line 22: / Line 22: @@
 To learn more about Zelle Fraud and Zell Fraud victims, visit ZelleFraud.com, and listen to the Zelle Fraud videocast on "The Brett Johnson Show" on Thursday, February 17.
 ==Fraud==
 Apparently, customer fraud complaints are so rampant at Bank of America (BOA) that its fraud department puts its customers on a 20-minute hold, and promises to call back to help. But when criminals posing as BOA call back before BOA, the bank blames its customers for bank fraud executed with bank-built Zelle, and refuses to reimburse its defrauded bank customers who were “expecting” a call back from BOA’s fraud department.

@@ Line 29: / Line 29: @@
 Will we ever read an article about how BOA, other Zelle banks/credit unions and Early Warning Services take a proactive approach to stop enriching criminals through Zelle, at the expense of bank/credit union customers?
-“Hank Molenaar received a text message in May claiming to be from Bank of America, asking him if he had attempted a Zelle transaction for $2,000. Instead of replying to the text, Molenaar called Bank of America directly at the toll-free number on the bank’s website. An automated attendant answered the call and said the hold time would be in excess of 20 minutes. Molenaar pressed 1 when prompted to hang up and receive a call back from a bank representative.
+“Hank Molenaar received a text message in May claiming to be from Bank of America, asking him if he had attempted a Zelle transaction for $2,000. Instead of replying to the text, Molenaar called Bank of America directly at the toll-free number on the bank’s [[Web Site]]. An automated attendant answered the call and said the hold time would be in excess of 20 minutes. Molenaar pressed 1 when prompted to hang up and receive a call back from a bank representative.
 Shortly after that, someone did call him back. The Bank of America number was displayed on his caller ID. Molenaar explained to the woman on the phone that he wanted to make sure there was no Zelle transfer from his bank account.
@@ Line 46: / Line 46: @@
 But Molenaar said he *was* expecting the call because he had called them first.
-‘For sure I called the right number, and they will verify it, you can look into the website-- 800-432-1000.’”
+‘For sure I called the right number, and they will verify it, you can look into the [[Web Site]]-- 800-432-1000.’”
 ==References==
 [[Category: Payment]]