The CFPB sues Zelle operator EWS, JPMorgan Chase, BoA, and Wells Fargo, alleging that customers lost $870M+ to fraud since the launch of Zelle in 2017
The Consumer Financial Protection Bureau on Friday sued the operator of the Zelle payments network and the three U.S. banks …
CNBC Hugh Son
Related Coverage
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- JPMorgan Chase, Bank of America, and Wells Fargo are being sued for fraud on Zelle Quartz · Rocio Fabbro
- U.S. Regulators Sue JPMorgan Chase, Bank Of America And Wells Fargo Over Alleged Fraud On Zelle Forbes · Ty Roush
- Three Big Banks Sued by CFPB Over Zelle Scams Wall Street Journal · Dylan Tokar
- CFPB sues big U.S. banks over alleged Zelle payment fraud Axios · Jason Lalljee
- Watchdog accuses Zelle, banking giants of failing to protect users against fraud The Hill · Taylor Giorno
- CFPB sues Zelle operator, major banks over failure to counter fraud UPI · Simon Druker
- JPMorgan, Bank of America and Wells Fargo sued over alleged payment fraud Financial Times
- CFPB Sues Big Banks Over Festering Fraud Enabled by Zelle Crowdfund Insider · JD Alois
- CFPB sues top US banks, says they allowed fraud on payment platform Zelle Reuters · Ismail Shakil
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Discussion
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@ryneismean
@ryneismean
on bluesky
i am banned from the Zelle app because my phone was under my mom's name until I graduated college and they flagged me as a drug dealer. And it can't be appealed or reversed. [embedded post]
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@nicetopatrick
@nicetopatrick
on bluesky
hell yeah. fuck zelle [embedded post]
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@caseynewton
Casey Newton
on bluesky
Hugely, deserved, obviously, but also funny given that when you use Zelle now you have to click through like five different warning screens saying “are you SURE this isn't fraud?” and “honestly it kind of seems like fraud” before you send anything [embedded post]
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@aarondklein
Aaron Klein
on x
Zelle sends $100 million an hour, almost 3 billion transactions in 2023. Yes there is fraud on Zelle, like every other payment system, including slower systems like checks. Is Zelle fraud problem the right one to focus on given all the other problems in our payment system ?
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@roguecfpb
@roguecfpb
on x
Most interesting CFPB case in Years!!! (Complaint attached in next tweet) CFPB has sued the Zelle network, and some of the banks, for allowing massive amounts of fraud on the network. But here's where it gets legally interesting; what are the bank's obligations to prevent
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@cfpb
@cfpb
on x
Today, the CFPB sued the operator of Zelle and three of the nation's largest banks for failing to protect consumers from widespread fraud on America's most widely available peer-to-peer payment network. https://www.consumerfinance.gov/ ...
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@amacker
Andrew Ackerman
on x
CFPB sues top US banks, says they allowed fraud on Zelle to proliferate as they stood up the payments network. A big law suit right before change in leadership at the bureau... https://www.reuters.com/...
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@yaeloss
Yaël
on x
re: @CFPB's lawsuit against Zelle: In targeting the platform rather than fraudsters, the agency is hoping to introduce backdoor liability for payment services that hasn't been endorsed or approved by Congress. This would make debanking and offloading of customers even worse.