Early Warning Releases Statement Regarding Recent Reports of Fraud and Scam Rates

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Oct 13, 2022, 17:26 ET

SCOTTSDALE, Ariz., Oct. 13, 2022 /PRNewswire/ -- Early Warning Services, LLC, the network owner and operator of Zelle^®, today responded to misleading reports of fraud and scams on the Zelle Network^®.

Tens of millions of consumers safely use Zelle^® every day with more than 99.9% of payments sent without any report of fraud or scams.

Any external analysis done is incomplete and does not reflect the efforts and data reported by more than 1,700 financial institutions on the Zelle Network^®.

Wells Fargo is a leader in taking steps to protect its customers from fraud and scams. Based on data reported to the Zelle Network^®, recent statements regarding Wells Fargo's fraud and scam rates are inaccurate. Wells Fargo's rates of reported fraud and scams are extraordinarily low and comparable to the Zelle Network^® as a whole, where rates of reported fraud and scams represent less than 0.1% of all transactions.

About Zelle^®
Brought to you by Early Warning Services, LLC, an innovator in payment and risk management solutions, Zelle^® makes it fast, safe, and easy for money to move. The Zelle Network^® connects financial institutions of all sizes, enabling consumers and businesses to send fast digital payments to people and businesses they know and trust with a bank account in the U.S. Funds are available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle^®. To learn more about Zelle^® and its participating financial institutions, visit www.zellepay.com.

About Early Warning Services, LLC
Early Warning Services, LLC is a fintech company owned by seven of the country's largest banks. For almost three decades, our identity, authentication, and payment solutions have been empowering financial institutions to make confident decisions, enable payments and mitigate fraud. Today, Early Warning is best known as the owner and operator of the Zelle Network®, a financial services network focused on transforming payment experiences. The combination of Early Warning's risk and payment solutions enables the financial services industry to move money fast, safe, and easy, so that people can live their best financial lives. To learn more about Early Warning, visit www.earlywarning.com

SOURCE Early Warning Services, LLC