US regulatory authorities are investigating the way large banks handle fraudulent transactions on the Zelle platform

On August 7th, the Jins data reported that the Consumer Financial Protection Bureau (CFPB) of the United States is investigating the handling of customer funds on the payment platform Zelle by several of the largest banks in the United States, which has been facing scrutiny over fraudulent transactions. According to sources, the CFPB’s investigation is mainly focused on major banks such as JPMorgan Chase, Bank of America, and Wells Fargo. The investigation is broad in scope, aiming to examine how banks handle transactions made through Zelle when customers raise objections. Zelle, owned by a consortium of seven of the largest banks in the United States including JPMorgan Chase, Wells Fargo, and Bank of America, currently processes more transactions than the popular payment platform Venmo. However, as it rises rapidly, complaints have also increased, with some alleging that the banks have not taken sufficient measures to help customers recover funds lost to fraud.