Product: Money transfer, virtual currency, or money service

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX, XXXX XXXX Subject : Complaint Regarding Fraudulent Zelle Transactions and Lack of Response from Zelle Support Dear Sir/Madam, I am writing to file a formal complaint regarding a series of fraudulent transactions that occurred through Zelle, the peer-to-peer payment service, involving an individual who was a former employee of my company, XXXX XXXX XXXX. The employees name is XXXX XXXX, and between XX/XX/XXXX, and XX/XX/XXXX, he unlawfully transferred funds from my companys accounts without my authorization or knowledge. 

The amount stolen totals {$360000.00}, of which {$200000.00} was directed to a shell company with no legitimate business at XXXX XXXX XXXX. The shell companys name is XXXX XXXX XXXX. The remainder was sent to XXXX XXXX personal account at XXXX XXXX XXXX. I was never once contacted by Zelle or both the receiving and sending banks. I have filed complaints with both XXXX  XXXX XXXX and XXXX XXXX XXXX, though it appears that Zelle follows its own rules, in defiance of general banking safeties. 

Despite my detailed and repeated efforts to reach out to Zelle for assistance and resolutionincluding numerous emails, phone calls, and providing specific transaction details, including dates, amounts, and the accounts from which the funds were transferredI have received no acknowledgment or response from Zelle. This lack of communication and failure to address my concerns is both frustrating and unacceptable. 

The issue I am dealing with involves not only financial loss but also significant emotional and reputational damage to my business. Zelles lack of appropriate security measures and oversight in its platform enabled this fraud to take place. I am deeply concerned that the lack of safeguards on Zelle facilitates criminal activity like fraud and embezzlement, which is becoming an increasingly common problem. This situation has left me feeling helpless as I work toward recovering these stolen funds, but the absence of support or even basic acknowledgment from Zelle has made the process of recovery near impossible.

It is important to note that federal law enforcement agencies, including the New York Field Office of the Federal Bureau of Investigation ( FBI ), are actively investigating this matter as part of an ongoing criminal investigation into XXXX XXXX fraudulent activities. However, despite this, the financial institutions behind Zelle, including the banks that process these transactions, refuse to take responsibility for the funds that were stolen. 

The way in which Zelle operates, without providing meaningful consumer protection or resolution in cases of fraud, is causing real harm to individuals and businesses like mine. It is unacceptable that a payment system used widely by consumers and businesses does not have stronger fraud protection measures in place. This issue is compounded by the fact that Zelle has failed to respond to my repeated requests for assistance, leaving me with no viable recourse to recover the funds. 

I am requesting the assistance of the Consumer Financial Protection Bureau in the following matters : XXXX Recovery of the stolen funds : Zelle, as a service owned by multiple banks, should be held accountable for these fraudulent transfers, especially since they have failed to provide any assistance or reimbursement for the stolen money. 

XXXX Addressing security vulnerabilities : Zelle must implement stronger fraud prevention and detection measures, including better verification protocols to prevent unauthorized transactions. 

3 Improved consumer protection and response times : Zelle must be required to establish better communication channels and response times for fraud cases, so that consumers and businesses can receive timely assistance.

This situation is urgent, as I have been attempting to recover these funds for nearly a year, with no meaningful progress. The financial loss, compounded by the emotional and reputational damage to my business, is having a profound impact. I respectfully request that the CFPB intervene to facilitate the recovery of the funds and hold Zelle accountable for their role in this fraud.

I sincerely appreciate your attention to this matter, and I look forward to your prompt action to resolve this issue. Please feel free to contact me at [ your phone number ] or [ your email address ] if further information or documentation is required. 

Thank you for your time and consideration. 

Sincerely, XXXX XXXX XXXX XXXX XXXX