Market News

JP Morgan, WFC, and BAC in Talks to Reimburse Scammed Zelle Customers

On Monday, The Wall Street Journal reported that banks including JP Morgan (JPM), Wells Fargo (WFC), and Bank of America (BAC) are in discussions to devise a plan to reimburse customers and each other for illegitimate transfers on the peer-to-peer payment network, Zelle.

Scamsters often trick the bank’s customers into sending them money through Zelle under the guise of customer support. Zelle is owned by a consortium of banks including the ones listed above.

A spokesperson from the Consumer Financial Protection Bureau (CPFB) told WSJ, “Reports and consumer complaints of payments scams have risen sharply, and financial fraud can be devastating for victims. The CFPB is working to prevent further harm, including by ensuring that financial institutions are living up to their investigation and error-resolution obligations”

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