JPMorgan Chase, Bank of America and Wells Fargo sued for failing to prevent fraud on Zelle

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CNN  —  The Consumer Financial Protection Bureau said Friday it filed a complaint against three of the country’s largest banks and the operator of Zelle, the most widely available peer-to-peer payment system, “for allowing fraud to fester” on that network. CFPB alleges that, as a result, hundreds of thousands of customers of JPMorgan Chase, Bank of America and Wells Fargo have lost more than $870 million since Zelle launched seven years ago. Zelle disputes that estimate. The three banks named

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