Zelle and Major Banks Sued by Consumer Finance Watchdog Over Alleged Failure to Combat Scams
2024-12-21
PCMag on MSN.com
The US Consumer Financial Protection Bureau (CFPB) has taken action against Zelle and major banks, citing a failure to adequately address fraud affecting hundreds of thousands of consumers. Many of these individuals were allegedly denied assistance after falling victim to scams, highlighting the need for improved consumer protection in the digital payment space, including online banking security and transaction monitoring. The CFPB's lawsuit aims to hold these financial institutions accountable for their role in preventing and responding to fraudulent activities. Key issues include payment security, consumer rights, and financial regulation.
