CFPB sues America's largest banks for 'allowing fraud to fester' on Zelle [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own. According to the suit, which also targets Early Warning Services LLC, Zelle's official operator, Zelle users have lost more than $870 million over the network's seven-year existence due to these alleged failures. “The nation's largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” said CFPB Director Rohit Chopra in a statement. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.” Among the charges: Poor identity verification methods, which have allowed bad actors to quickly create accounts and target Zelle users. Allowing repeat offenders to continue to gain access to the platform Ignoring and failing to report instances of fraud Failing to properly in
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News
- Lawsuit alleges Zelle and its owners failed to protect consumers from fraud [Yahoo! Finance]Yahoo! Finance
- Powerless Against Financial Scams, The CFPB Scapegoats The Big Banks [Forbes]Forbes
- CFPB sues JPMorgan, Bank of America over alleged Zelle fraud [Fortune]Fortune
- CFPB Sues JPMorgan, Bank of America Over Alleged Zelle Fraud [Yahoo! Finance Canada]Yahoo! Finance Canada
- Why Kilroy Realty Stock Flew Higher on Friday [Yahoo! Finance]Yahoo! Finance
JPM
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- 10/14/24 - Beat
JPM
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- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- 12/20/24 - Form 424B2
- JPM's page on the SEC website