Will Shanklin has been writing about gadgets, tech and their impact on humanity since 2011. Before joining Engadget, he spent five years creating and leading the mobile technology section for New Atlas. His work has also appeared on SlashGear, TechRadar, Digital Trends, AppleInsider, Android Central, HuffPost and others.
) accuses Zelle ’s operator and three of the service’s partner banks — JPMorgan Chase, Bank Of America and Wells Fargo — of failing to protect consumers from widespread fraud on the peer-to-peer payment system.. The suit claims hundreds of thousands of customers who filed fraud complaints were denied meaningful assistance, with some being told to “contact the fraudsters directly to recover their money.
The suit accuses Zelle and the banks of allowing repeat offenders to bounce between financial institutions with impunity. “Banks did not share information about known fraudulent transactions with other banks on the network,” the CFPB wrote. “As a result, bad actors could carry out repeated fraud schemes across multiple institutions before being detected, if they were detected at all.”
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