Summary: JPMorgan Chase Bank will begin blocking Zelle payments to social media contacts to address rising online scams. The bank aims to protect customers as nearly 50% of reported scams are associated with transactions from social platforms. Effective March 23, payments originating from social media will be delayed, declined, or blocked to enhance consumer safety.
Affected: JPMorgan Chase Bank
Keypoints :
- Chase’s new policy aims to mitigate the increasing fraud risks associated with Zelle transactions from social media.
- The decision follows a CFPB lawsuit highlighting inadequate consumer safeguards related to Zelle.
- Customers may need to provide information on their transactions to evaluate fraud risk during this new policy implementation.