Three major banks, JPMorgan Chase, Wells Fargo, and Bank of America, are facing a lawsuit from a federal regulator for allegedly failing to protect consumers from widespread fraud on the Zelle payments network.
The Consumer Financial Protection Bureau filed a civil complaint accusing the banks of rushing to launch Zelle without adequate fraud prevention measures and then denying relief to defrauded consumers.
The complaint highlights significant issues with fraud on Zelle shortly after its introduction, with the banks failing to address these issues effectively for years.
According to the CFPB, the banks violated consumer financial laws related to electronic funds transfers by not conducting proper investigations into fraudulent activities.
2024-12-20 14:58:44
Article from finance.yahoo.com