Zelle payment fraud gets major banks sued by CFPB

Feds sue Zelle, alleging that nation's biggest banks failed to stop fraud
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
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.
Zelle and major banks face $870 million lawsuit over alleged fraud losses
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against the peer-to-peer payment network Zelle and three US banks that conduct or facilitate transactions on
Three of the biggest US banks are facing a lawsuit for ‘widespread fraud’ on Zelle
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Zelle and three banks that own it — Wells Fargo, Bank of America, and JPMorgan Chase — claiming they failed “to protect consumers from widespread fraud.
JPMorgan, Wells Fargo, BofA facing federal lawsuit over Zelle payment network fraud
A federal regulator has sued JPMorgan Chase, Wells Fargo and Bank of America. The Consumer Financial Protection Bureau says the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle,
Operator of Zelle, three banks, accused of failing to protect consumers from fraud
Federal regulators sued the operator of Zelle, the popular payment app, and three large banks, saying they failed to protect consumers from widespread fraud. NBC News' Brian Cheung reports on the lawsuit and the response from Zelle and the banks.
In a lawsuit, CFPB says 3 top U.S. banks failed 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 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.
Consumer Finance Watchdog Sues Zelle, Bank of America, JPMorgan Chase, Wells Fargo
The Consumer Financial Protection Bureau (CFPB) alleged that various factors, including Zelle's relatively 'limited identification methods', allowed fraud to run rampant.
Feds sue Bank of America, Wells Fargo for failing to stop ‘widespread’ Zelle fraud
The Consumer Financial Protection Bureau made the announcement Friday and claims that Americans have lost hundreds of millions of dollars to fraud connected to poor safeguards for the peer-to-peer payment network. JPMorgan Chase is also listed in the lawsuit.
More than $125 million is stolen every year on Zelle. The feds say little is done to stop it.
A lawsuit filed by the CFPB says Zelle and the big banks that own it left the platform vulnerable to fraud in an effort to ...
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Watchdog accuses Zelle, banking giants of failing to protect users against fraud
(The Hill) – The government’s consumer watchdog alleged Zelle and three banking giants failed to protect users from fraud ...
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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 ...