🚨🇺🇸 CFPB SUES BIG BANKS OVER $870M ZELLE FRAUD SCANDAL
The Consumer Financial Protection Bureau (CFPB) is suing Bank of America, JPMorgan Chase, Wells Fargo, and Zelle’s parent company, accusing them of turning Zelle into a “gold mine for fraudsters.”
Over seven years, customers lost $870 million to scams—while many were told to chase down scammers themselves to recover their money.
CFPB Director, Rohit Chopra:
“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle.
By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.”
Zelle called the lawsuit “factually flawed,” while JPMorgan Chase has threatened to sue the CFPB back—because apparently no one likes being blamed for $870 million in customer losses.
Source: Daily Hodl
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