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Federal authorities are investigating how banks reimburse consumers who are scammed on Zelle. Zelle says it should fall on law enforcement to stop the scammers. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementScams on payment apps like Zelle are getting so out of hand that federal authorities are starting to investigate.
Persons: , JP, Wells Fargo, Zelle —, Sen, Richard Blumenthal, Blumenthal Organizations: Service, Consumer Financial Protection Bureau, JP Morgan, Bank of America, Investigations, Business Locations: Zelle
Two years later, Bautista and hundreds of thousands of other FTX customers are in limbo, shocked and unsure what happens next. FTX has paused customer withdrawals, and there’s growing doubt that customers will be able to recover any of their assets. “It’s lost at this point.”Bautista, 34, got the FTX itch thanks in part to flashy advertising. FTX, boosted by celebrities like NFL giant Tom Brady and pumped up by Silicon Valley bigwigs, struck Bautista as the most reliable crypto platform on the market. The firm has started the process of filing for Chapter 11 bankruptcy, Bankman-Fried has resigned — and Bautista lost access to his crypto portfolio.
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