Zelle needs to fix ‘significant scams and fraud,’ lawmakers say

Banks are facing renewed pressure to protect their customers from scams on Zelle, the payment network owned by JPMorgan, Wells Fargo, Bank of America, Capital One, and other big banks. In letters to the banks, Sen. Elizabeth Warren (D-MA), Sen. Richard Blumenthal (D-CT), and Rep. Maxine Waters (D-CA) asked them how often their customers report Zelle scams that originate from social media.

Last year, the Consumer Financial Protection Bureau (CFPB) sued Wells Fargo, Bank of America, and...