'Zelle Became A Gold Mine For Fraudsters': Consumer Financial Protection Bureau Lawsuit

Quick Summary:

The Consumer Financial Protection Bureau sued three of the nation's largest banks and the operator of Zelle last week, alleging a failure to protect consumers from widespread fraud on the peer-to-peer payment network, resulting in customer losses of more than $870 million since 2017. 

The Details: The CFPB's lawsuit alleges that JP Morgan Chase & Co.(NYSE:JPM), Wells Fargo & Co.(NYSE:WFC), Bank of America Corp.(NYSE:BAC) and Early Warning Services rushed to complete the Zelle payment network in order to compete with Venmo and CashApp and neglected to enact effective fraud safeguards.

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Article Details

Author / Journalist: Erica Kollmann

Category: Technology

Markets: United StatesOman

Topics: BAC Benzinga Tech WFC US46625H1005 US0605051046 Legal Large Cap CashApp JPM Consumer Financial Protect Bureau News Fintech Venmo Zelle US9497461015 Early Warning Services Stories That Matter

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-26 @ 16:03:25 (1 days ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 399 words

Reading Time: 3 minutes read

Sentences: 23 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 24675976

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Official Website: benzinga.com

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