phillynews215
12-20-2024, 04:30 PM
https://www.androidauthority.com/wp-content/uploads/2023/09/Zelle-logo-on-smartphone-with-cash-on-background-stock-photo-2.jpg Credit: Edgar Cervantes / Android Authority
The CFPB has filed a lawsuit against Zelle and three major US banks, alleging that they failed to adequately protect consumers from fraud.
The lawsuit claims that these financial institutions rushed Zelle to market without proper safeguards, resulting in substantial consumer losses.
Zelle has responded by stating that the lawsuit is legally and factually flawed, asserting its industry-leading fraud prevention policies.
The Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against Zelle, the popular peer-to-peer payment service (https://www.androidauthority.com/venmo-vs-paypal-1121589/), and three of its biggest backers: Bank of America, JPMorgan Chase, and Wells Fargo. The core issue is allegations that Zelle didn’t do enough to shield users from financial scams (https://www.androidauthority.com/common-venmo-scams-3412458/).
Zelle, known for its lightning-fast money transfers, has become a staple for millions of Americans. However, the CFPB’s investigation paints a less rosy picture, suggesting that the platform’s rapid rise came at the expense of basic security measures.
More... (https://www.androidauthority.com/zelle-cfelboriyorker-lawsuit-3510805/)
The CFPB has filed a lawsuit against Zelle and three major US banks, alleging that they failed to adequately protect consumers from fraud.
The lawsuit claims that these financial institutions rushed Zelle to market without proper safeguards, resulting in substantial consumer losses.
Zelle has responded by stating that the lawsuit is legally and factually flawed, asserting its industry-leading fraud prevention policies.
The Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against Zelle, the popular peer-to-peer payment service (https://www.androidauthority.com/venmo-vs-paypal-1121589/), and three of its biggest backers: Bank of America, JPMorgan Chase, and Wells Fargo. The core issue is allegations that Zelle didn’t do enough to shield users from financial scams (https://www.androidauthority.com/common-venmo-scams-3412458/).
Zelle, known for its lightning-fast money transfers, has become a staple for millions of Americans. However, the CFPB’s investigation paints a less rosy picture, suggesting that the platform’s rapid rise came at the expense of basic security measures.
More... (https://www.androidauthority.com/zelle-cfelboriyorker-lawsuit-3510805/)