Zelle payment fraud gets major banks sued by the CFPB

Quick Summary:

The CFPB alleges customers lost $870 million.

"By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves".

"The banks knew their customers were having their money stolen, but since they weren't bearing the cost of these losses themselves, they dragged their feet on fixing the problems".

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Article Details

Author / Journalist: Tim Marcin

Category: Technology

Markets: SingaporeAustraliaIndiaItalyTurkey

Topics: Tech Money Article

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 16:33:21 (20 hours ago)

News Timezone: GMT +8:00

News Source URL: sea.mashable.com

Language: English

Article Length: 319 words

Reading Time: 2 minutes read

Sentences: 12 lines

Sentence Length: 27 words per sentence (average)

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

Copyright Owner: © Mashable SEA

News ID: 24576426

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Main Topics: Technology

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Update Frequency: 8 posts per day

Year Established: 2005

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News Last Updated: 10 hours ago

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