Unsure on how Venmo works, but I can explain Zelle / clearXchange some. (I've done this a lot on HN; it's nice to see someone else taking up the mantle on this

Unsure on how Venmo works, but I can explain Zelle / clearXchange some. (I've done this a lot on HN; it's nice to see someone else taking up the mantle on this thread!) With Zelle, everything is done through your participating bank. So customer service is managed through your bank, and fraud is probably the same way. You register with Zelle through your bank, which means your bank associates your email and / or phone number with your account within the Zelle system. After being associated, other people with a participating bank can send you money using that email or phone number. The money is instantly deducted from the sender's account, and is typically in the receiver's account within minutes or hours. Since you can only initiate payments through Zelle and not withdraws, fraud is likely managed the same as wires or bill pay.