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 .
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Injective: As bears step back, will THIS help bullish recovery?
INJ could be one of the bullish crypto tokens in January, following its spike in social sentiment. The Daily Hodl
2024 Crypto Narratives: DeSci And AI Surge As Legacy Trends Fade
Kaito data reveals a dramatic reshaping of crypto narrative mindshare in 2024, with decentralized science (DeSci) and artificial intelligence (AI) leading the charge. While some trends like DeFi and memecoins showed resilience, others, including layer routing technologies (LRTs) and DePIN, experienced a steep decline. Breakthrough Narratives DeSci saw an astounding 2,640% increase in mindshare, marking a breakthrough year for blockchain’s application in scientific research. While DeSci is still far from dominating Web3 discussions, its growth signifies a pivotal moment for the space. AI narratives also continued their impressive trajectory, growing by 116%, even with an already high baseline of interest. Similarly, trusted execution environments (TEE) and chain abstraction gained traction, with respective increases of 192% and 160%. Established Leaders Stay Strong Despite the rise of new narratives, DeFi and memecoins remained strong, demonstrating their enduring relevance in the crypto ecosystem. These sectors sustained their high levels of awareness from the start of the year and continued to attract attention. We can finally unveil the biggest mindshare growers of 2024 It’s still far for DeSci to dominate the Web3 mindshare, but the increase in interest over the last year can definitely be seen as a breakthrough moment It’s also worth noting how strong DeFi and memecoins… pic.twitter.com/E4XqsX5PaC — Michał Moneta (@michmoneta) January 2, 2025 Trailing and Disappointing Trends On the flip side, older trends saw a significant decline. LRTs, a major focus in 2023 and early Q1 2024, dropped by 82%, while account abstraction and BRC-20 tokens decreased by 71% and 77%, respectively. Surprisingly, decentralized physical infrastructure networks (DePIN) underperformed, failing to meet expectations. Meanwhile, GameFi, ETFs, and Layer 2 solutions also saw reduced interest, with declines of 41%, 63%, and 58%. According to Kaito data, compared with the beginning of 2024, the narrative mindshare of AI concepts increased by 116%, DeSci increased by 2640%, TEE increased by 192%, and chain abstraction increased by 160% at the end of 2024; LRT decreased by 82%, account abstraction decreased… pic.twitter.com/aY2rGA5JTa — Wu Blockchain (@WuBlockchain) January 1, 2025 As 2024 comes to a close, it’s evident that the crypto industry is undergoing a shift. Emerging narratives like DeSci and AI are defining the future, while older trends continue to fade into the background. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: burdyak/ 123RF // Image Effects by Colorcinch The Daily Hodl