Customers across the three banks have lost a combined $870 million since Zelle launched in 2017, regulators claim.

CFPB alleges that, as a result, hundreds of thousands of customers of JPMorgan Chase, Bank of America and Wells Fargo have lost more than $870 million since Zelle launched seven years ago.

The CFPB said the banks violated federal law through critical failures, alleging they ignored red flags that could have prevented fraud.

Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.

In a Friday news conference, CFPB Director Rohit Chopra alleged that Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo, as well as Zelle operator Early Warning Services LLC, allowed ...

The government accused three big banks of failing to protect consumers from fraud on the payment network Zelle.

A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect ...

The Consumer Financial Protection Bureau on Friday sued the operator of the Zelle payments network and the three U.S. banks that dominant transactions on it. The agency alleges that the firms failed ...

The Consumer Financial Protection Bureau said Friday it filed a complaint against three of the country’s largest banks and the operator of Zelle, the most widely available peer-to-peer ...

A federal agency is suing JPMorgan Chase Bank N.A., Wells Fargo Bank N.A. and Bank of America N.A., accusing the banks of failing to protect consumers from fraud on the widely available peer-to-peer ...

The suit alleges that Bank of America, JPMorgan Chase, Wells Fargo, and Early Warning Services violated federal law. Namely, the suit claims there was insufficient identity verification by Zelle ...