In a New York Times article published this past Saturday, “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.
We regret the error and take full ownership.
We have contacted the New York Times to inform them the partner misspoke and to seek a correction.
At PwC, our purpose is to build trust in society and solve important problems. PwC is a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2018 PwC. All rights reserved.
US External Communications Leader, PwC US
Tel: +1 (609) 903 4394