Why Jamie Dimon is apologizing to Elizabeth Warren

Warren began her line of questioning by asking how many instances of fraud had been reported to his bank from customers using Zelle, a popular payment platform jointly owned by a number of banks including JPMorgan.

Zelle, Warren said, has helped boost bank profits while “defrauding” customers out of at least half a billion dollars. Consumers sent $490 billion through Zelle in 2021, of which an estimated $440 million were lost through fraud and scams, according to Early Warning Services, Zelle’s parent company.

Warren said she had reached out to JPMorgan and other banks in July for an answer but had been “stonewalled” and received no information.

“You didn’t provide any of the information that we requested,” she told Dimon in the Senate hearing. “Is that because you don’t keep track of when your customers report fraudulent Zelle transactions? Or is it because you do keep track and you know exactly how many fraudulent transactions had been reported and you want to keep that a secret?”

When a customer falls victim to fraud on the platform, she said, they’re largely left to deal with…

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