Watchdog accuses Zelle, banking giants of failing to protect users against fraud

(The Hill) - The government’s consumer watchdog alleged Zelle and three banking giants failed to protect users from fraud on the peer-to-peer payment network.

The Consumer Financial Protection Bureau (CFPB) alleged Friday that Bank of America, JPMorgan Chase and Wells Fargo were slow to crack down on scammers, did not properly investigate complaints of fraud and failed to issue reimbursements to victims, costing consumers more than $870 million since Zelle launched in 2017.

“The...