Customers at JPMorgan Chase, Wells Fargo and Bank of America have collectively lost $870 million to scammers on Zelle in the last seven years, according to a powerful US bank regulator.
The Consumer Financial Protection Bureau (CFPB) says it’s suing the three banking giants and Zelle’s parent firm for allegedly failing to protect people from widespread fraud on the popular payments network.
The lawsuit, which has been anticipated for months, alleges hundreds of thousands of the banks’ customers filed fraud complaints and were largely denied assistance, with some being told to contact the fraudsters directly to get their money back.
“Bank of America, JPMorgan Chase, and Wells Fargo also allegedly failed to properly investigate complaints or provide consumers with legally required reimbursement for fraud and
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