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.
The payment network Zelle and three of its owner banks was sued Friday by the Consumer Financial Protection Bureau.
CFPB, the government's consumer financial watchdog agency, alleges customers of the top three banks lost more than $870 million over the seven years that Zelle has been in existence due to the banks' failures to protect them.
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