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JPMorgan Chase, Wells Fargo and Bank of America Customers Lose $870,000,000 To Scammers on Zelle, Forcing Victims To ‘Fend for Themselves’: CFPB

Customers at JPMorgan Chase, Wells Fargo and Bank of America have collectively lost $870 million to scammers on Zelle in the last seven years, according to a powerful US bank regulator. The Consumer Financial Protection Bureau (CFPB) says it’s suing the three banking giants and Zelle’s parent firm for allegedly failing to protect people from widespread fraud on the popular payments network. The lawsuit, which has been anticipated for months, alleges hundreds of thousands of the banks’ customers filed fraud complaints and were largely denied assistance, with some being told to contact the fraudsters directly to get their money back. “Bank of America, JPMorgan Chase, and Wells Fargo also allegedly failed to properly investigate complaints or provide consumers with legally required reimbursement for fraud and errors. The CFPB is seeking to stop the alleged unlawful practices, secure redress and penalties, and obtain other relief.” The CFPB alleges widespread consumer losses and security failures on the part of the banks, stating the lenders limited identity verification measures, allowed repeat offenders to hop between banks, ignored red flag warnings from customers and abandoned customers after fraud occurred. CFPB Director Rohit Chopra says the banks, which co-own Zelle, rushed to launch the platform without properly addressing security concerns. “The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle. By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.” Zelle says it’s fully prepared to defend itself in court. “The CFPB’s attacks on Zelle are legally and factually flawed, and the timing of this lawsuit appears to be driven by political factors unrelated to Zelle. Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law.” JPMorgan Chase has previously said it may sue the CFPB over the Zelle investigation, stating the agency is going “above and beyond what the law requires.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase, Wells Fargo and Bank of America Customers Lose $870,000,000 To Scammers on Zelle, Forcing Victims To ‘Fend for Themselves’: CFPB appeared first on The Daily Hodl . The Daily Hodl

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2025 Crypto Bull Run Essentials: Don’t Miss the Opportunity of a Lifetime!

As the crypto market reaches unprecedented heights, investors are eyeing the next big opportunities. Bitcoin has smashed through previous records, and altcoins are hitting all-time highs. Now is the moment to look for assets set to skyrocket. One standout is XYZVerse (XYZ), a memecoin blending sports passion with crypto excitement. It unites fans across football, basketball, and esports, aiming for extraordinary growth in this booming market. Dominate the Field with XYZ: The Next Meme Coin Champion! The game is on, and XYZ is leading the charge in the meme coin arena! This sensational all-sports meme token has hit the market with unstoppable momentum, knocking out weak competitors and scammy cryptos. As it charges ahead, XYZ is set to deliver jaw-dropping gains, leaving the likes of BOME and WIF far behind. With eyes on a staggering 9,900% growth, XYZ is ready to claim the meme coin crown in the next crypto bull marathon! Rule the game, cash in as the bets roll in XYZ is the star player in XYZVerse – the ultimate fusion of sports thrill and meme culture. This community-centered ecosystem is the perfect playground for crypto degens and sports fans alike. Think back to Polymarket’s $1 billion trading volume during the US elections betting frenzy, and now, picture that on steroids with XYZVerse. With millions of sport bettors getting ready to jump in the action, opportunities for early investors in XYZ are really huge! XYZ is currently undervalued, and with major listings on the way, presale participants stand to secure life-changing gains. >>>Don’t miss your shot at being part of the XYZ winning team! Ethereum (ETH) Ethereum is more than just a cryptocurrency; it’s a groundbreaking platform that has transformed the blockchain landscape. Created by Vitalik Buterin in 2013 and launched in 2015, Ethereum introduced smart contracts, allowing developers to build decentralized applications (dApps). This innovation led to a thriving ecosystem, including decentralized finance (DeFi) platforms and Layer 2 solutions like Arbitrum and Polygon, which enhance transaction speed and efficiency. In 2022, Ethereum transitioned to a Proof-of-Stake consensus mechanism with the Merge, aiming to improve sustainability and scalability. Ether (ETH), the native currency, is essential for transactions, rewarding stakers, and serves as a tradable asset. In the current market cycle, Ethereum continues to show strong potential. Its commitment to scalability, with the upcoming sharding phase, promises to reduce costs and increase transaction speed, making it more attractive to users and developers alike. Compared to other coins, Ethereum’s robust ecosystem and continuous innovation set it apart. As more applications and services build on its platform, the demand for ETH could rise. Market trends indicate a growing interest in decentralized technologies, and Ethereum’s position at the forefront makes it a noteworthy player in the crypto space. While the market is always subject to change, Ethereum’s advancements suggest it’s a coin to watch. XRP (XRP) XRP is a cryptocurrency that aims to make money move as fast as information. Supported by the XRP Ledger, it is designed to be quick, low-cost, and open to everyone. Transactions happen in seconds and cost very little. Without a central authority, it resists censorship and cannot be counterfeited. You don’t need a bank account to use XRP, making it accessible to people all around the world. Created by Jed McCaleb, Arthur Britto, and David Schwartz, XRP started with 100 billion coins. Ripple, the company helping to develop it, holds a large portion to support its growth. XRP’s purpose is to make it easy to transfer any currency, anywhere. In today’s market, XRP stands out for its speed and low fees compared to other cryptocurrencies like Bitcoin. As the demand for fast and efficient payment systems grows, XRP looks attractive by bridging gaps between different currencies globally. Solana (SOL) Solana is a blockchain platform aiming to outpace its competitors with speed and scalability. Like Ethereum and Cardano, it provides a foundation for decentralized apps, but it stands out with its unique design choices. Solana focuses on quick transactions and offers flexible development options in several programming languages. At the heart of Solana is SOL, its native cryptocurrency. SOL powers the network by facilitating transactions, running programs, and rewarding those who support the network. The SOL coin holds promise in today’s market. It underpins Solana’s ecosystem, rewarding participants and giving users access to many projects. Unlike other platforms, Solana doesn’t rely on sharding or extra layers to scale. This approach may attract developers and investors looking for a high-capacity network that can handle busy products and services. With the growing interest in decentralized apps and the need for faster blockchain solutions, SOL could be an attractive option in the current market cycle. Dogecoin (DOGE) Dogecoin began as a joke in 2013. Created by Billy Marcus and Jackson Palmer, it featured the Shiba Inu dog from a popular meme as its logo. Unlike Bitcoin, which has a limited supply, Dogecoin was designed to be abundant. Every minute, 10,000 new coins are mined, and there’s no maximum supply. What started as a fun alternative quickly gained traction. In 2021, Dogecoin’s value skyrocketed, pushing it into the top ten cryptocurrencies with a market value of over $50 billion. This surge was fueled by social media buzz, especially from Elon Musk, and the general boom in the crypto market. Today, Dogecoin stands as a symbol of the power of community and memes in the financial world. Its technology is simple, making transactions quick and cheap compared to some other coins. While some see it as just a meme, others believe it has potential due to its active community and widespread recognition. In the current market cycle, Dogecoin remains attractive to those who value community-driven projects. However, with newer coins offering advanced features, Dogecoin faces stiff competition. Its future may depend on market trends and continued support from its fans. Pepe (PEPE) PEPE is a new cryptocurrency that began as a joke but got serious fast. Launched on Ethereum, it’s based on Matt Furie’s Pepe the Frog meme, popular since the early 2000s. Like Dogecoin and Shiba Inu, PEPE aims to be a top meme-based cryptocurrency. With a no-tax policy and honesty about its lack of utility, PEPE is pure and simple—a memecoin. In late April to May 2023, its value soared, reaching a market cap of $1.6 billion. Early holders made huge gains, and a strong community formed. This sparked a “memecoin season,” with other meme coins experiencing big ups and downs. Many hope PEPE and others will reach new highs, especially with the upcoming Bitcoin halving. PEPE’s potential lies in its community and meme appeal. Its roadmap has three phases: first, getting noticed on CoinMarketCap and trending on Twitter; second, listings on centralized exchanges; third, major exchange listings and a “meme takeover.” Though it doesn’t offer new technology, its straightforward approach attracts some. Conclusion While ETH, XRP, SOL, and DOGE are promising, XYZVerse (XYZ) unites sports fans in a pioneering memecoin aiming for 20,000% growth and community-driven success. You can find more information about XYZVersus (XYZ) here: Site , Telegram , X Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here . The Daily Hodl