> Though to be fair, scamming is still present here, typically involving calling older people and trying to persuade them to reveal bank access codes during a p

> Though to be fair, scamming is still present here, typically involving calling older people and trying to persuade them to reveal bank access codes during a phone call. There two differences with US banks here: - banks are required never to ask for access credentials over insecure channel (phone/email) (though SMS is also not perfect in this regard); - banks are required to educate customers that they never ask for such credentials, educate about fraud scenarios, etc. And they do (at least the reputable ones) This has happened many times in Sweden in the last few years. Banks almost always tried to talk their way out of any sort of responsibility even though scammers took advantage of their pretty bad processes. The banks processes as well as the apps' designs have improved, but I think the point is that essentially nothing of what happened there in the US wasn't happening in Sweden as well. I presume it's the same with the rest of Europe. This quote from the article is key: > “Consumers — many who never ever realized they had a Zelle account – then call their banks, expecting they’ll be covered by credit-card-like protections, only to face disappointment and in some cases, financial ruin,” Sullivan wrote in a recent Substack post. “Consumers who suffer unauthorized transactions are entitled to Regulation E protection, and banks are required to refund the stolen money. This isn’t a controversial opinion, and it was recently affirmed by the CFPB here. If you are reading this story and fighting with your bank, start by providing that link to the financial institution.” Good to see US regulators aren't letting banks off the hook. They should furthermore come down very hard on any bank that even acts like they might not be responsible since that's essentially fraud. At the end of the day it's an issue of securing human processes as well as regulators holding banks feet to the fire for problems their processes create.