There’s at least 11 ways to get scammed on Zelle, the payment app owned by JP Morgan, Bank of America and other large American banks. But Zelle’s chief fraud risk manager, Ben Chance, thinks the app is doing everything it should to prevent them. Beyond that, he says, the responsibility for shutting down scammers lies with you, law-makers, and the law enforcement agencies supposed to protect you.
In a far reaching conversation with Fortune, Chance addressed concerns raised in a Zelle-related investigation reportedly underway by the Consumer Financial Protection Bureau. The probe targets JPMorgan, Bank of America and Wells Fargo—while a JP Morgan filing last week suggested the bank may pre-empt the investigation by suing the CFPB, which is tasked with ensuring banks’ treatment of their users are fair, transparent and legal.
