$870M in Zelle fraud losses spark lawsuit against platform, 3 major banks [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
The Zelle payment app enabled widespread fraud, with over $870 million in losses reported by customers of Bank of America, JP Morgan Chase, and Wells Fargo over a seven-year period. The Consumer Financial Protection Bureau (CFPB) alleges that the banks failed to protect consumers from fraud and that the Zelle system itself was flawed, making it easy for fraudsters to move money quickly and difficult for consumers to get their money back. Was this helpful? Yes No How have the banks and Zelle responded to the lawsuit? The banks and Zelle have defended their actions, with Bank of America stating that it strongly disagrees with the CFPB's allegations and that it works directly with customers when they have an issue. Zelle has also responded, stating that the CFPB's lawsuit will hurt consumers and that Zelle has industry-leading reimbursement policies that go above and beyond the law. Was this helpful? Yes No What are the implications of the lawsuit for consumers and the
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- The market's top stocks need to keep winning to hold back a 'stealth correction,' Bank of America says [Yahoo! Finance]Yahoo! Finance
- $870M in Zelle fraud losses sparks suit against 3… [USA TODAY]USA TODAY
- Feds sue Bank of America, Wells Fargo for failing to stop ‘widespread' Zelle fraud [Yahoo! Finance]Yahoo! Finance
- The 10 Highest-Paying Jobs That Don’t Require A College Degree [Forbes]Forbes
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BAC
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- 10/15/24 - Beat
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- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- BAC's page on the SEC website