JPMorgan Chase, Wells Fargo and Bank of America Customers Lose $870,000,000 To Scammers on Zelle, Forcing Victims To ‘Fend for Themselves’: CFPB
Author: Content Editor
The Consumer Financial Protection Bureau (CFPB) is suing JPMorgan Chase, Wells Fargo, Bank of America, and Zelle's parent firm, alleging that the banks and the payments network failed to protect customers from widespread fraud. According to the CFPB, customers have collectively lost $870 million to scammers on Zelle over the last seven years. The lawsuit claims that the banks and Zelle's parent firm neglected to properly investigate complaints, provide reimbursement for fraud, and implement adequate security measures. The CFPB is seeking to stop the alleged unlawful practices, obtain redress and penalties, and secure other relief. Zelle has stated that it is ready to defend itself in court and believes the CFPB's attacks are flawed.