Across all banks and credit unions, Zelle users sent 1.8 billion payments last year, totaling $490 billion. She followed up that appearance with a scathing report about the data that a handful of banks sent her. “You built it, you profit from every transaction, and you tell people it’s safe.”Days after the hearing, Wells Fargo sent Warren information she had sought and the numbers raised alarms, Warren said in the early-October letter to Scharf. A Wells Fargo spokesperson told the New York Times that some 99% of the bank’s Zelle transactions are fraud-free. Nearly 1,700 banks and credit unions use the network, and customers have sent $1.5 trillion through Zelle since it began operating in 2017.

Source: New York Times October 14, 2022 03:01 UTC