BLUMENTHAL DELIVERS OPENING STATEMENT AT HEARING ON FAILURE OF ZELLE AND BIG BANKS TO ADDRESS SCAMS AND FRAUD
“Zelle and the big banks said they couldn’t help. What they really meant is they wouldn’t help.” [WASHINGTON, DC] – Today, U.S. Senator Richard Blumenthal, Chair of the Permanent Subcommittee on Investigations (PSI), delivered opening remarks at a hearing titled “Fraud Alert!: Shedding Light on Zelle.” The hearing—featuring testimony from two individuals who were victimized by scammers on the peer-to-peer payment (P2P) platform—examined the human toll of schemes on P2P money transfer services, the availability of and processes for consumer reimbursement of money lost to scams and fraud, and the extent of current regulatory and legal protections for consumers. “Zelle markets itself as, ‘a fast and easy way to send and receive money.’ But as this Subcommittee has found, ‘a…










