Zelle payment fraud gets major banks sued by CFPB

Zelle payment fraud gets major banks sued by the CFPB
The CFPB is suing the fintech firm Early Warning Services — the bank-owned company that runs Zelle — as well as JPMorgan Chase, Bank of America, and Wells Fargo, claiming that customers of the banks lost more than $870 million over Zelle's seven-year existence.
CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle
The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own.
CFPB Takes on BoA, Wells Fargo and JPMorgan Chase Over Zelle Fraud
The agency said they will seek cash damages to repay consumer losses over fraudulent activity. It claims that customers at the banks lost more than $870 million to fraud since Zelle's inception.
Zelle, 3 of nation's largest banks sued by CFPB over alleged failure of fraud protections
The nation's top consumer watchdog on Friday sued the payment app Zelle and three of the nation's largest banks for failing to protect customers from fraud.
CFPB sues JPMorgan Chase, Bank of America and Wells Fargo over Zelle payment fraud
Zelle, a peer-to-peer payments network run by bank-owned fintech firm Early Warning Services, allows for instant payments to other consumers and businesses.
CFPB sues three top U.S. banks for failing to protect consumers from Zelle fraud
The consumer financial watchdog says customers of the top three banks lost more than $870 million over seven years due to a lack of safeguards against fraud on the Zelle network.
CFPB sues BofA, JPM and Wells over Zelle fraud
The Consumer Financial Protection Bureau sued three of the largest U.S. banks for fraud perpetrated on the bank-owned payment network Zelle, alleging shoddy safeguards and millions in consumer losses.
CFPB Sues JPMorgan, Bank of America Over Alleged Zelle Fraud (3)
The Consumer Financial Protection Bureau sued JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. along with the parent company of Zelle alleging the firms rushed a peer-to-peer payment network to market without first implementing adequate consumer protections.
The CFPB Sues Early Warning, BofA, Chase, And Wells Over Zelle Fraud
Besides the three defendants in the CFPB suit, Early Warning is owned by Capital One, PNC Bank, Truist, and U.S. Bank. It could not be immediately determined why the CFPB omitted these other owners from its suit.
CFPB Sues Zelle Operator, Top U.S. Banks Over Lack of Fraud Prevention -- Update
The CFPB sued Bank of America, JPMorgan Chase and Wells Fargo, alongside Zelle's operator, Early Warning Services--which is co-owned by these three banks, among several others. The CFPB argued that the companies rushed Zelle to the market to compete with Venmo and CashApp without creating enough fraud defense.
Consumer Finance Watchdog Sues Zelle, Major Banks for Failing to Address Fraud
The US Consumer Financial Protection Bureau (CFPB) says hundreds of thousands of Zelle consumers 'were largely denied assistance' after being scammed.
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CFPB Claims Regarding Zelle Losses May Be Exagerated
Earlier this week, the Consumer Financial Protection Bureau  (CFPB) announced a lawsuit targeting the big banks that launched ...
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CFPB expands oversight of digital payments services including Apple Pay, Cash App, PayPal and Zelle
That would include payments services from Apple, Google and Amazon, as well as fintech firms including PayPal and Block and peer-to-peer services Venmo and Zelle. The most popular apps covered by ...
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Zelle Accused by CFPB of Leaving Customers Vulnerable to Widespread Fraud
The watchdog alleges JPMorgan Chase and other big banks skipped important safety features that put Zelle customers at risk.
Powerless Against Financial Scams, The CFPB Scapegoats The Big Banks
The CFPB apparently can’t see that its lawsuit will give bank customers the real Gordon Tullock, and in the worst way ...