Coverage dated December 19, 2024 to December 20, 2024
Wells Fargo, JPMorgan, Bank of America face federal lawsuit over Zelle payment fraud
Headline from FOX 4 Dallas
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.
FOX 4 Dallas's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
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.
The Consumer Financial Protection Bureau said Friday it filed a complaint against three of the country’s largest banks and the operator of Zelle, the most widely available peer-to-peer payment system,
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, a peer-to-peer payments network run by bank-owned fintech firm Early Warning Services, allows for instant payments to other consumers and businesses.
Zelle and three of the banks behind one of the nation’s biggest payment networks failed to protect users from “widespread fraud,” federal regulators alleged in a lawsuit filed Friday.
Three of the largest U.S. banks rushed the Zelle digital payment system to market "without implementing effective consumer safeguards," according to a lawsuit filed Friday by a federal government agency.
In the first half of 2024, Zelle users transferred $481 billion across more than 1.7 billion transactions, according to the Consumer Financial Protection Bureau.
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.
The government agency sued Zelle’s operating company and four of its partner banks (JPMorgan Chase, Bank Of America and Wells Fargo). The CFPB says the service hasn’t done enough to protect consumers from fraud.
