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Correction: New York Times, "Zelle, the Bank's answer to Venmo, Proves Vulnerable to Fraud"

In a New York Times article published on Saturday, April 21, “Zelle, the Bank’s answer to Venmo, Proves Vulnerable to Fraud,” a PwC partner was quoted as saying, “I know of one bank that was experiencing a 90 percent fraud rate on Zelle transactions, which is insane.” PwC has determined the 90 percent figure is unsubstantiated. In addition, the statement could be read to incorrectly suggest that there is an issue with Zelle itself rather than merely pointing out that appropriate controls and procedures are needed by banks and other users in order to properly implement any new payment system. We recognize that most banks do have strong fraud authentication and fraud detection controls in place.

 

 

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