On Friday, the Consumer Financial Protection Bureau (CFPB) sued four financial companies involved with Zelle. The CFPB's lawsuit (via CNBC) accuses Zelle's operator (Early Warning Services) and three of the service's partner banks -- JPMorgan Chase, Bank Of America and Wells Fargo -- of failing to protect consumers from widespread fraud on the peer-to-peer payment system. The CFPB says customers of those three banks have lost over $870 million during Zelle's seven years as a payment service. The...
The US Consumer Financial Protection Bureau sues Zelle and four of its partner banks
Engadget - 20 Dec 2024 19:57
On Friday, the Consumer Financial Protection Bureau (CFPB) sued four financial companies involved with Zelle. The CFPB's lawsuit (via CNBC) accuses Zelle's operator (Early Warning Services) and three of the service's partner banks -- JPMorgan Chase, Bank Of America and Wells Fargo -- of failing to protect consumers from widespread fraud on the peer-to-peer payment system. The CFPB says customers of those three banks have lost over $870 million during Zelle's seven years as a payment service. The...
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