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The controversial regulator alleges the banks failed to prevent fraud on Zelle, a payment platform they co-own. JPMorgan Chase, Bank of America, and Wells Fargo sued over Zelle scams that cost ...
In a press call Friday morning, an agency official said that while more than 2,200 financial institutions use Zelle, the three banks it names in the suit “control the overwhelming majority of ...
In other scams, bank customers get an email, text or call from what looks like a person or business they know, urging them to send funds through Zelle. “It’s frighteningly easy,” said Murray.
A new report released by Sen. Elizabeth Warren shows more scammers taking advantage of Zelle ... institution’s name or branding to induce a ... Zelle's policy calls for your bank to cover 100% ...
The Consumer Financial Protection Bureau said more than $870 million in Zelle-related fraud losses hit consumers at three big banks.
Consumer fraud is on the rise. "The FTC recently released data that shows consumers lost $8.8 billion last year to fraud, a 30% increase from the year prior," said Debt.com chairman Howard...
Good news for Zelle users. Thanks to a major policy change that was implemented in November, banks that utilize Zelle will now refund victims of imposter scams. Early Warning Systems (EWS), which ...
The U.S. Consumer Financial Protection Bureau said on Friday it had filed a lawsuit against JPMorgan Chase , Bank of America, and Wells Fargo, accusing the banks of allowing "fraud to fester" on ...