Pooling Yarn

“Sen. Elizabeth Warren, the financial industry regulator banks most love to hate, has been petitioning Zelle to find out exactly how much fraud there is. And the data she’s collected suggests there’s probably, technically speaking, a whole f-cking lot. According to Warren’s office, US Bank — a single institution in the consortium — reported 45,000 incidents of Zelle scams last year. That’s triple the number from 2021. It’s certainly possible, if the criminals keep at it, work hard, and show some grit, they can triple the amount of fraud again by next year.” You can probably tell from Devin Friedman’s tone that he tried to build a pool. Insider: The Great Zelle Pool Scam. “All I wanted was a status symbol. What I got was a $31,000 lesson in the downside of payment apps.”

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