Electronic Payment

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This page addresses payment methods that are endorsed by banking consortia.



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.


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.

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 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.

‘And she acted like she was going to help me and she said she was looking at my account,” Molenaar recalled….

Molenaar said the caller told him he had to set up a reverse transaction in Zelle to get that money back. He followed the instructions, but the next day his money was gone. ‘This is almost a foolproof scam,’ said consumer expert and author Bob Sullivan.

The thieves send a text, assuming you will call the bank directly and be told to wait. ‘The criminal knows that’s going to happen. And they call you back five minutes later,’ he explained. ‘What else are you going to assume? It’s Bank of America calling you back? It’s almost a perfect scam.’

Bank of America denied Molenaar’s fraud claim saying he initiated the transfer.

‘I was like, ‘Well, no, wait a minute, this was fraud. Y’all supposedly called me back,’’ Molenaar said he told a Bank of America representative.

Bank of America said they have a warning that pops up during every Zelle transaction that says you should not transfer money as a result of an unexpected call or text.

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 Web Site-- 800-432-1000.’”