Major Banks Investigated Over Zelle Fraud Handling

CFPB probes JPMorgan, Bank of America, and Wells Fargo for their response to scams and customer disputes on the payment platform.

The Consumer Financial Protection Bureau is examining the practices of several large banks regarding Zelle transactions.
The investigation focuses on how banks handle fraud and customer disputes related to the peer-to-peer payment service.
JPMorgan and Wells Fargo have acknowledged the probes in recent public filings.
Lawmakers and regulators, including Senator Elizabeth Warren, have raised concerns about consumer protection on Zelle.
Banks argue that reimbursing scam victims could lead to increased fraud and significant financial losses.