Joint Trades Statement for the Record for Senate Hearing entitled, “Fraud Alert: Shedding Light on Zelle”

Chairman Blumenthal, Ranking Member Johnson, and distinguished Members of the Committee, the American Bankers Association (ABA), the Bank Policy Institute (BPI); Consumer Bankers Association (CBA), and the National Bankers Association4 (NBA) (hereinafter, Associations) appreciate the opportunity to submit a statement for the record for the May 21, 2024, hearing: “Fraud Alert: Shedding Light on Zelle.” Introduction From using breakthrough technologies such as generative artificial intelligence (AI) to old fashioned theft of checks out of mailboxes, criminals are relentless in their efforts to steal money from the bank accounts of consumers and small businesses. Banks have a long history of improving and innovating to protect their customers, including the adoption of chip-enabled credit cards, the use of multi-factor authentication to protect user accounts, and the use of advanced AI tools to warn customers about potentially fraudulent transactions. Banks, however... Click here for the full letter