A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle, in violation of consumer financial laws. The CFPB claims that the banks violated federal consumer financial laws governing electric funds transfers, which require banks conduct “reasonable …
Customers of the banks named in lawsuit lose more than $870m over the seven years since Zelle was introduced, the consumer watchdog says. The United States Consumer Financial Protection Bureau has filed a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo for failing to protect consumers from alleged “widespread fraud” on the payments platform Zelle. “These banks broke …
For many Californians, the holidays are a time to show gratitude through thoughtful generosity. But Elaine Swann, a lifestyle and etiquette expert and the founder of the Swann School of Protocol in Carlsbad, Calif., points out that in some cultures, money is a common gift — witness, for example, the Asian practice of handing out cash-filled red envelopes or the …
NEW YORK — Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle. Banks have argued that in cases of fraud — meaning a customer’s account becomes compromised somehow …
