In a lawsuit, CFPB says 3 top U.S. banks failed to protect consumers from Zelle fraud

The consumer financial watchdog says customers of the top three banks lost more than $870 million over seven years due to a lack of safeguards against fraud on the Zelle network.

In a lawsuit, CFPB says 3 top U.S. banks failed to protect consumers from Zelle fraud
The payment network Zelle and three of its owner banks was sued Friday by the Consumer Financial Protection Bureau.

The consumer financial watchdog says customers of the top three banks lost more than $870 million over seven years due to a lack of safeguards against fraud on the Zelle network.

(Image credit: Roy Rochlin)