It wasn't a convincing pitch or an unexpected spam call Dena Mendoza received on June 30 that resulted in nearly $2,000 in losses. Instead, Mendoza says in a new feature for The Denver Channel that she noticed more than a dozen transactions from her Zelle account. Weighing in on the anecdote, Chargebacks911 Head of Acquiring Business Rajil Vohra warns of the threat posed by Venmo Zelle .
The Denver Channel (or Channel 7 News) is KMGH-TV is a television station in Denver, Colorado, United States, affiliated with ABC. It is owned by the E. W. Scripps Company alongside Sterling-licensed independent station KCDO-TV, channel 3.
Rajil cautions consumers that Zelle transactions aren’t backed by the same protections that credit and debit cards. “The premise of [Zelle] was not commerce, so nobody thought much about protection programs,” he says. “So that's one of the reasons this is like an open-ended invitation for fraud.”
The article goes on to clarify that Frustrations like Mendoza's were highlighted by US Senators Elizabeth Warren, Robert Menendez, and Jack Reed who, in April, sent a letter to the company that created Zelle. The letter states that nearly 18 million people have been impacted by scams involving money transfer apps. They press the company to take action to address this growing problem.
