Get the latest tech news
Zelle and major banks face $870 million lawsuit over alleged fraud losses | Lawsuit comes after lawmakers began pressuring Zelle to start refunding fraud victims last year
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against the peer-to-peer payment network Zelle and three US banks that conduct or facilitate transactions on the...
Zelle's operator, Early Warning Services (EWS), contests the total damages, arguing that it includes cases that were not found to involve actual fraud after investigation. Company spokeswoman Jane Khodos defended Zelle's anti-fraud efforts, asserting its leadership is actively combating scams and noting that its reimbursement policies exceed legal requirements. She also criticized the CFPB's stance, arguing that it would inadvertently benefit criminals, increase consumer costs, hinder small businesses, and impede competition for numerous community banks and credit unions.
Or read this on r/technology
