JPMorgan, Wells Fargo Face CFPB Scrutiny Over Zelle Fraud Losses

Customer losses stemming from Zelle payments have prompted the Consumer Financial Protection Bureau (CFPB) to investigate major banks like JPMorgan Chase and Wells Fargo. The investigations focus on potential fraud vulnerabilities within the payment network. This event underscores the need for robust security measures as fraud complaints rise against these institutions, who are under pressure to implement more effective safeguards.