Okay, deep breath, let's get this over with. In the grand act of digital self-sabotage, we've littered this site with cookies. Yep, we did that. Why? So your highness can have a 'premium' experience or whatever. These traitorous cookies hide in your browser, eagerly waiting to welcome you back like a guilty dog that's just chewed your favorite shoe. And, if that's not enough, they also tattle on which parts of our sad little corner of the web you obsess over. Feels dirty, doesn't it?
Chase Blocks Zelle Payments to Social Media Contacts: A Scam-Busting Move or Tech Tantrum?
JPMorgan Chase is putting the brakes on Zelle payments to social media contacts, hoping to stop fraudsters from turning online scams into a thriving side hustle. So, next time you try to send money to that “too good to be true” deal, Chase might just save you from buying a bridge in Brooklyn!
Hot Take:
Chase has finally decided to pull the plug on social media Zelle payments, which means those ‘Hey, I have a great investment opportunity for you!’ messages might finally come with a side of buyer’s remorse. It’s about time someone told these online scammers to take a hike – preferably without their internet connection!
Key Points:
- Chase is blocking Zelle payments to social media contacts to combat rising online fraud.
- Zelle is a popular payment network integrated into many US banking apps but lacks purchase protection.
- Almost 50% of Chase’s reported scams were linked to social media between June and December 2024.
- Chase’s move follows a lawsuit by the CFPB against Zelle’s operator and owner banks.
- CFPB claims banks rushed Zelle to market, leading to over $870 million lost to fraud.
Already a member? Log in here