$870M in Zelle fraud losses sparks suit against 3… [USA TODAY]
Bank of America Corporation (BAC)
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Source: USA TODAY
some big banks are to blame for a chaotic rush to roll out the platform, according to the Consumer Financial Protection Bureau. The financial regulators Friday sued Bank of America, JP Morgan Chase and Wells Fargo saying they failed to protect consumers from widespread fraud on the popular peer-to-peer payment network. The independent agency also sued the operator of Zelle, called Early Warning Services. The CFPB put Zelle-related fraud losses at more than $870 million involving customers at just the three banks alone over seven years since the launch of the app in 2017. Zelle disputes how the CFPB reached the $870 million figure. A Zelle spokesperson issued a statement, saying, "The CFPB's headline grabbing number is misleading, as many reported fraud claims are not found to involve actual fraud after investigation." In some cases, banks say, a customer might report fraud but maybe the customer later remembers that they did make a certain purchase. So, it's not fraud, after a
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