Electronic Payment

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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