16 sources·Business

CFPB Sues Major Banks Over Alleged Zelle Fraud Negligence

The CFPB has filed a lawsuit against JPMorgan, Bank of America, and Wells Fargo for failing to protect customers from extensive fraud on Zelle.

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Updated: Dec 20th, 2024, 7:29 PM ET

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The Consumer Financial Protection Bureau (CFPB) has sued JPMorgan Chase, Bank of America, and Wells Fargo for allegedly allowing widespread fraud on Zelle, resulting in over $870 million in losses for consumers. The lawsuit claims the banks rushed Zelle to market without effective protections, leading to insufficient investigation and denial of consumer fraud claims. The banks deny the allegations, citing politically motivated claims and asserting they maintain robust fraud prevention measures. The suit also names Early Warning Services, Zelle's operator, amid increasing scrutiny of digital payment systems.

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CFPB Sues Major Banks Over Alleged Zelle Fraud Negligence - Pano News