> In December, a Chicago resident was robbed at gunpoint by assailants who demanded her phone and the password to her JPMorgan app<p>This scenario is insanely scary to me. I had a friend that was robbed under similar circumstances (someone saw him enter his passcode into his phone then stole it from him). He ended up loosing around $50k.
> Popular payment services are as convenient for fraudsters as they are for you.<p>Internal presentations on Zelle at the banks called that out specifically as a feature of Zelle, moving the nexus of liability for fraud toward the customer and further from the bank.
> customers of the three largest lenders lost a total of $370 million via Zelle<p>this must be absolutely terrible for the banks, because this isn't even lost revenue, it's lost total payments volume of other people, which could in theory absolutely destroy and eclipse any actual revenue. I bet $370m is already a good chunk of revenue they make off these transfers.
Me and my family/friends still mainly use PayPal. It's been free to send money back and forth for as long as I can remember and still free and still works great.<p>Not really sure why we needed so many other new apps.<p>What does Venmo do that PayPal doesn't?