US Lawmakers Probe $870,000,000 in Customer Losses on Zelle, Targeting JPMorgan Chase, Bank of America and Wells Fargo’s Reimbursement Practices

Zelle and the banks that own the popular payments platform are facing new scrutiny over scams on the trillion-dollar network.

In letters to Zelle’s parent company and the banks – specifically JPMorgan Chase, Bank of America, Wells Fargo, Capital One, PNC Bank, US Bank and Truist – lawmakers demand to know more information on scams stemming from social media.

In a lawsuit dropped by the Trump administration, the Consumer Financial Protection Bureau (CFPB) accused Zelle of failing to implement adequate safeguards against fraudulent transactions, allowing scammers to exploit vulnerabilities and trigger $870 million in losses for hundreds of thousands of consumers.

Now, Senator Elizabeth Warren (D-MA), Senator Richard Blumenthal (D-CT), and Representative Maxine Waters (D-CA) are pushing for stronger consumer protections and transparency, noting JPMorgan

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