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

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

PUBLIC DEFENDER

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 Bank of America, Banks, Financial Fraud, JPMorgan Chase, Newsletters, Scams, Security, Wells Fargo, Zelle

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