• Technology fail! Hackers steal $870M from Zelle users, US says

    Posted on January 13, 2025 at 02:43 CST by • Comment in the Forums

    PUBLIC DEFENDER

    Brian Livingston

    By Brian Livingston

    Three of America’s largest banks — Bank of America, JPMorgan Chase, and Wells Fargo — were sued last month by the US Consumer Finance Protection Bureau (CFPB) for fraudulent losses suffered by their Zelle online-payment customers.

    These banks and others launched Zelle in 2017 to compete with electronic funds-transfer apps like PayPal, Venmo, and Cash App. But the financial institutions failed to implement basic fraud-prevention measures, and as a result, Zelle customers have lost $870 million to hackers since the services began, the CFPB says.

    Read the full story in our Plus Newsletter (22.02.0, 2025-01-13).

    Public Defender , , , , , , , ,
DON'T MISS OUT!
Subscribe to the Free Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

View the Forum

  • Recent Replies
  • My Replies
  • My Active Topics
  • New Posts in the Last day
  • Private Messages
  • Knowledge Base
  • How to use the Forums
  • All Forums

    • Recent Topics

    My Profile

    April 2025
    S M T W T F S
     12345
    6789101112
    13141516171819
    20212223242526
    27282930  

    Remembering Woody

     

    Want to Advertise in the free newsletter? How about a gift subscription in honor of a birthday? Send an email to sb@askwoody.com to ask how.

    Mastodon profile for DefConPatch
    Mastodon profile for AskWoody

     

    Home • About • FAQ • Posts & Privacy • Forums • My Account
    Register • Free Newsletter • Plus Membership • Gift Certificates • MS-DEFCON Alerts

    Copyright ©2004-2025 by AskWoody Tech LLC. All Rights Reserved.