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That is the minimum amount customers of three giant U.S. banks have lost since payments platform Zelle was launched in 2017, according to a lawsuit by the Consumer Financial Protection Bureau.

Bank of America said it strongly disagreed with the lawsuit, which it said would add “huge new costs” on banks and credit unions offering the free Zelle service to clients. It said more than ...

SO TODAY, THE NATION’S TOP CONSUMER WATCHDOG SUED THE PAYMENT APP ZELLE AND THREE OF THE NATION’S LARGEST BANKS FOR FAILING TO PROTECT CUSTOMERS FROM FRAUD. THIS IS SOMETHING I’VE TOLD YOU ...

The federal lawsuit claims Wells Fargo, JPMorgan and Bank of America failed to protect their customers from fraud while using Zelle. Zelle is the peer-to-peer payment platform used by millions of ...

The federal lawsuit claims Wells Fargo, JPMorgan and Bank of America failed to protect their customers from fraud while using Zelle. Zelle is the peer-to-peer payment platform used by millions of ...

“Shortly after Zelle’s launch, significant problems, including fraud being perpetrated on consumers using Zelle, quickly became apparent. But defendants did not take meaningful action to ...