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POST Faster faster fraud

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When he called Bank of America’s customer service line, he learned that the $300 had been transferred — to a JPMorgan Chase bank account, whose owner had registered the same phone number Ms. Kemm used. He said he was told that there was nothing Bank of America could do to get his money back.

Mr. Kemm filed a police report and a fraud claim with Bank of America. On Nov. 30, the bank sent him a reply: “Our records indicate that we initiated the transfer in accordance with your instructions. As a result, your account will not be credited for this claim.”

From Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud - The New York Times.

Now, this shouldn’t really be a surprise because in the UK we have had exactly the same problem for years following the introduction of the Faster Payment System (FPS). And the problem isn’t the payment system, it’s the identity system.

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