Three of the biggest US banks are facing a lawsuit for ‘widespread fraud' on Zelle [Verge, The]
Bank of America Corporation (BAC)
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Source: Verge, The
The CFPB alleges Bank of America, JPMorgan Chase, and Wells Fargo failed to build proper safeguards for Zelle, costing customers over $870 million lost to scams. Share this story The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Zelle and three banks that own it — Wells Fargo, Bank of America, and JPMorgan Chase — claiming they failed “to protect consumers from widespread fraud.” Zelle is a payment network designed to compete with payment platforms like Venmo and Cash App, but the CFPB says the banks “rushed” it to market, enabling fraud that's cost consumers more than $870 million since it launched in 2017 The lawsuit cites Zelle's designs and features, including a “limited” identity verification process that involves assigning a “token” to a user's email address or mobile phone number that they can use to verify their account with a one-time passcode. This setup makes it easier for scammers to take over accounts, as well as hide their own identities
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