JPM, WFC & BAC Face Federal Lawsuit Over Zelle Payment App Fraud

The U.S. Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit on Friday against JPMorgan (JPM) , Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) for failing to protect consumers from widespread fraud on Zelle, the renowned payments network. The lawsuit also targets Early Warning Services LLC, Zelle’s official operator.Details of the LawsuitLaunched in 2017, the Zelle network aimed to be the go-to alternative to money transfer giants like Venmo and Cash App. It is owned by seven major banks, ...