Banks Encourage Customers to Utilize Money Transfer Apps Where Fraud Flourishes

Prominent banking institutions encourage consumers to use money transfer apps, like Venmo or Zelle, without disclosing that such apps abound with fraudulent transactions. What’s more, the victims of such fraud have no recourse, as the banks and transfer apps turn a blind eye to the deception.

If you have been misled by a bank about the reliability of a money transfer app: press the button below to fill out the investigation form to see if you’re eligible for potential recovery.

Money transfer apps offer an ostensibly convenient way to share funds. They allow users to instantaneously—and irrevocably—send money to other app users. Fraudsters have taken advantage of this process, inducing users to send them money under fraudulent circumstances. Once that transaction is complete, victims have no means by which to recover those funds; both banks and app owners refuse to reimburse funds lost to fraudulent transactions.

Despite these concerns, banks encourage their patrons to use money transfer apps but omit any warnings about the dangers of using those apps and fail to disclose that they will not rectify money loss due to fraud. Consequently, consumers that use transfer apps are unknowingly exposing themselves to irreparable fraud at the behest of their banks.

The experienced class action lawyers at Shub Johns & Holbrook want to hear from consumers whose usage of a money transfer app was facilitated or encouraged by their bank and who were not given the requisite warnings of the dangers of transfer apps. If you’re one of those consumers, fill out the form below to get in contact!