Three of the biggest US banks are facing a lawsuit for ‘widespread fraud’ on Zelle
Image: Cath Virginia / The Verge; Getty Images
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.
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