Zelle, owned by major U.S. banks, is under scrutiny for scams; customers get refunds for unauthorized transactions but not for mistakes made themselves, unlike Venmo. The CFPB probe targets how banks handle transaction disputes on Zelle, including shutting down scammer accounts and vetting customers for fraud. JPMorgan Chase and other banks are under investigation as they respond to CFPB inquiries regarding Zelle.
The Consumer Financial Protection Bureau's investigation into major U.S. banks like JPMorgan Chase, Bank of America, and Wells Fargo centers on how they address customer disputes related to Zelle transactions. The probe scrutinizes banks' proactiveness in detecting and halting scammer-controlled accounts besides evaluating their procedures for verifying the credentials of potentially fraudulent deposit-account customers.
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