US CFPB investigates major US banks' handling of Zelle transactions amid widespread scams.

US consumer watchdog, the Consumer Financial Protection Bureau, is investigating major US banks for their handling of customer funds on the peer-to-peer payments platform Zelle. This follows reports of widespread scams involving Zelle transactions. The probe aims to determine whether banks have properly managed customer funds, addressed scam-related issues, and ensured adequate consumer protection against fraudulent activities on the platform.

August 07, 2024
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