The Banksters Call Bitcoin A Fraud Yet They Back Zelle: And People Are Getting Scammed!!!!!

Just when you thought the banks could not get any worse, they do.

Have you heard of Zelle?

It is a peer to peer payment system that is designed to make transactions quick and painless. What is nice about it is that Zelle ties in with ones own bank account (and the other person on the other end) meaning people can send money easily.

Great. Right?

Well not so great. Unlike PayPal and other 3rd party verification systems, Zelle has no verification system. Instead, it is buyer beware.

This has caused a number of people to get scammed when purchasing goods and services online.

What makes this even worse is the banks are in on it.

Notice what it says there: look for it in your banking app.

So the banks are promoting this "technology" as a way for people to send money. Of course, when the individuals get scammed, they are told by the banks there is nothing they can do since the transaction was initiated by the individual.

The banks absolve themselves of any responsibility.

A case certainly could be made that the buyer's need to be more aware. However, the fact the banks are promoting this app means they should be prepared to educate people. How about a pop up warning that using this app with unknown parties could mean loss of your money? They never have a problem using pop up ads to try to get one a new credit card.

What is most ironic is part of what the banksters attack about Bitcoin and other cryptocurrencies is that there is no consumer protection. Once one sends the money, it is going. The person initiated the transaction so it is done.

That sounds just like what the banksters are telling their customers. I guess consumer protection, to a bank, is something that is talked about to get some nice PR, like being environmentally friendly, but really gets put on the back burner if it costs any additional money.

Of course, this doesn't help....

Zelle is also found in some banks’ mobile applications themselves, which adds to that sense of trust.

What I find most interesting is that the scammers open up accounts, have money transferred in, and then close the accounts, When anyone checks, they claim they cannot do anything. Isn't that why the US and many countries have KYC laws? These banks are suppose to know who is opening up an account. It should be easy to track down the scammers.

Naturally, it isn't in the banks best interest. Scamming is what they do and having customers bilked is nothing new. The only difference is someone other than the bank is going it this time.

And yet they call Bitcoin a fraud.

What a joke.

Article quoted was on Techcruch.com....https://techcrunch.com/2018/02/16/zelle-users-are-finding-out-the-hard-way-theres-no-fraud-protection/

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