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The CFPB put Zelle-related fraud losses at more than $870 million involving customers at just the three banks alone over seven years since the launch of the app in 2017. Zelle disputes how the ...
“Defendants’ failures resulted in millions of complaints about Zelle fraud at (JP Morgan Chase, Bank of America and Wells Fargo) alone, including complaints of over $290 million in fraud ...
In an earlier interview with Fortune, Zelle’s chief fraud risk manager, Ben Chance, said Zelle is doing everything it should to prevent fraud, placing the responsibility for shutting down ...
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 ...
From 2022 to 2023, Zelle cut the rate of scams by nearly 50% even as the volume of transactions grew 28%, resulting in less money scammed in 2023 than in 2022, said Ben Chance, the chief fraud ...
Zelle has long argued its fraud and scam rates are low. It processed $629 billion worth of payments in 2022, according to the network, with 99.9% of transfers made without a fraud or scam report. ...
CFPB sues top US banks, says they allowed fraud on payment platform Zelle December 20, 2024 at 9:37 AM FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters ...
The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan ...