Headline May 26, 2018/ ''' DIGITAL TRANSFERS DECIMAL '''

''' DIGITAL TRANSFERS DECIMAL '''

THE TECHNOLOGICAL REALITY is that cash transfers within any network takes place within seconds -

Much, much faster than on most of its rival services. That has made it more difficult and even impossible for banks to halt or reverse illicit transactions.

Last November, Mr. Kemm tried to send cash to his mother, Carol Kemm, who is also Bank of America customer. He typed in the mobile phone number Ms. Kemm had been using for the for at least years and hot ''send.''

''She told me she didn't get it, and my first thought was, 'Mom, you're being very tech-savvy,'' Mr. Kemm said. ''Eventually, after a few days, i realized it really didn't get there.''

When he called Bank of America's customer service line, he learned that the $300 line had been transferred - to a JP Morgan Chase bank account, whose owner had registered the same phone number Ms. Kemm used.

He said he had been told that there was nothing Bank of America could do to get his money back.

Mr. Kemm filed a police report and a fraud claim with Bank of America. On Nov 30, the bank sent him a reply :

''Our records indicate that we initiated the transfer in accordance with your instructions: As a result your account will not be credited for this claim.''

After being contacted for this article, Bank of America said it would make a refund to Mr. Kemm.

''In general, in cases in which the mobile number was previously registered to another person and directed to that account, we'll work with the receiving bank to reverse the transaction,'' said Betty Reiss, a bank spokeswoman.

Another Bank of America customer, Heather Pocorobba, went hunting on March 18 for tickets to  Justin Timberlake concert.

On Craiglist, she found two good seats for $260. The seller suggested she pay with Zelle.

''I naively believed that since my bank uses it, the accounts must be connected to real people, with some sort of protection built in.'' Ms. Pocorobba said.

As soon as she sent the cash, the seller stopped answering her text messages.

She never got the tickets - or her money back. She reported the fraud to the police and her bank.

Bank of America's first print about the Zelle tells customers :

''You are protected by the same security you're used to where you will not be liable for fraudulent  transactions.''

The catch is that the bank, like all others that use Zelle, considers a transaction fraudulent only if the customer did not authorize it. When a customer knowingly sends money to someone, the bank offers no protection.

''We're committed to ensuring consumers are aware of potential scams, including reminding them  that Zelle is intended for sending funds to friends, family or people they know,'' said Ms. Reiss, the  Bank of America spokeswoman.

Bob Sullivan, an author, who specializes in Cybercrime and consumer protection, said he was  stunned by how poorly the banks had communicated Zelle's risks.

Craiglist, PayPal and Venmo faced early criticism for leaving users vulnerable to fraud.

In response each made changes.

Craiglist, for example, added a warning about scams on every sale listing. Paypal increased the protections it offers on some digital sales and provided a detailed disclosure about what transactions it will and won't support.

And Venmo - which, like Zelle does not protect users if a seller does not deliver what they promised - upgraded its security policies in 2015 to better detect fraud, including by -

Notifying customers when someone adds an email address or new device to their account.

The Honor and Serving of the latest Global Operational Research on technologies, Swindlers, Laws and Costumer Protection continues.

With respectful dedication to the Technologists, App Developers, International banks, Students, Professors and Teachers -

See Ya all ''register'' on !WOW! - wssciw.blogspot.com - The World Students Society for every subject in the world, and Twitter-!E-WOW! - the Ecosystem 2011:

''' Dodging - Detours '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless