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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.
Crowdfund Insider
1d
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 ...
NBC Bay Area
1mon
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 ...
CNET on MSN
2d
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.
2d
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 ...
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