Zelle Implements Imposter Scam Refunds Amid Washington's Influence

Banks on the payment app Zelle have started refunding victims of imposter scams, reversing transfers for customers who were tricked into sending money to scammers claiming to be from a government agency or bank. The move comes after pressure from U.S. lawmakers and the federal consumer watchdog. Zelle, owned by seven banks including JPMorgan Chase and Bank of America, previously argued against refunding transfers that customers were tricked into approving. The new policy marks a major shift and aims to address concerns raised by lawmakers and protect consumers from fraud.