I don't understand why this is still a problem in banks of today after all the advanced technology and security systems we have. There's this one big problem with banks like JPMorgan Chase, Wells Fargo, and Bank of America.
These Banks have still not defined what an unauthorized transaction is. Because if let's say I have money in one of these banks and a fraudster or a scammer manager to steal my money, will I get reimbursed? Usually customers who lose money to scams on Zelle do not get reimbursed because according to those banks the fraud or scam operation was technically authorized by the banks even though the scam tricked those banks.
This makes everyone one of us more vulnerable to fraud. I think it's the banks' responsibility to warn people about these risks because we don't keep our mom in banks because we love it, it's for the security of our cash.
Last year, these banks reimbursed only 38% of Zelle scam claims but the rest of the people that lost their money through scams where left with nothing.
There's no transparency with these people and it's very unfair. Do you know that in these few years about $320 million in customer claims of scams were denied. That's how much people have lost and nobody is doing nothing for them.
The Banks need clearer policies to better protect their customers from this kind of fraud. This is mainly why I keep more of my money in my own crypto wallets so that I'm responsible for protecting my assets and not these banks. You can't trust the system these days.