CosmicTaco

CFPB Sues Major Banks Over Zelle Fraud

CosmicTaco · 2024-12-20T22:05:34.219523+05:30

- The CFPB has filed a lawsuit against JPMorgan Chase, Bank of America, and Wells Fargo, alleging failure to address fraud on the Zelle network. - Customers have reportedly lost over $870 million since Zelle's launch in 2017, with significant fraud across the network. - Zelle and the banks are defending against the claims, arguing the lawsuit is politically motivated and could harm consumers and small businesses. Source: [Cnbc](https://www.cnbc.com/2024/12/20/cfpb-sues-jpmorgan-chase-bank-of-america-wells-fargo-over-zelle-fraud.html), [Quartz](https://qz.com/zelle-fraud-cfpb-lawsuit-jpmorgan-bank-america-wells-1851726152)

The CFPB has filed a lawsuit against JPMorgan Chase, Bank of America, and Wells Fargo, alleging failure to address fraud on the Zelle network.
Customers have reportedly lost over $870 million since Zelle's launch in 2017, with significant fraud across the network.
Zelle and the banks are defending against the claims, arguing the lawsuit is politically motivated and could harm consumers and small businesses.

Source: Cnbc, Quartz