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Can Zelle Bounce Back From CFPB’s $870M Allegations?
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Subscribe24 DEC 2024 / BUSINESS
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America, Wells Fargo, and Zelle’s operator, Early Warning Services, citing $870 million allegedly lost to fraud via the Zelle payment app since 2017. The CFPB accuses the banks of ignoring warning signs of fraudulent activity and demands they take responsibility and provide restitution, while the defendants argue against an unfair assignment of responsibility and point to Zelle’s largely successful transaction rate.
What happens when a payment app built for convenience becomes a scammer’s dream? That’s the question at the heart of a massive lawsuit filed by the Consumer Financial Protection Bureau (CFPB) against banking giants JPMorgan Chase, Bank of America, Wells F...
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