NEW YORK, Nov 14 (Reuters Breakingviews) - Banks tend to have a consistent message for customers who unwittingly make payments to scammers: tough break.
Rapid growth in digital payments has brought out a softer side in lenders such as JPMorgan (JPM.N) and Bank of America (BAC.N).
If the con artist was posing as the victim’s bank, a government agency or a legitimate company – say, a utility – the sender’s bank will return the funds if other criteria are met and recoup them from the recipient’s bank.
From next year its banks will have to reimburse victims of online payment deceit.
Moreover, convenience and trust are powerful weapons: Bank of America customers now use Zelle twice as often as their checkbooks.
Persons:
Banks, Taylor Swift, Zelle, Wells, Jeffrey Goldfarb, Sharon Lam
Organizations:
Reuters, JPMorgan, Bank of America, TSB, SVB, Warning Services, Services, PNC Financial, US Bancorp, Truist, Thomson
Locations:
Zelle, Britain, Wells Fargo