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That is the minimum amount customers of three giant U.S. banks have lost since payments platform Zelle was launched in 2017, according to a lawsuit by the Consumer Financial Protection Bureau.

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The independent agency also sued the operator of Zelle, called Early Warning Services. The CFPB put Zelle-related fraud losses at more than $870 million involving customers at just the three banks ...

OH, IT WASN’T US. TALK TO THE HAND. NO. SO IN TODAY’S LAWSUIT, THE CFPB SAYS, QUOTE, CONSUMERS WHO WENT TO THEIR BANKS FOR HELP WERE LARGELY DENIED RELIEF. AND SOME WERE EVEN TOLD TO TRY ...

“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” said CFPB Director Rohit Chopra in a statement. “By their failing to put in place ...

CFPB, the government's consumer financial watchdog agency, alleges customers of the top three banks lost more than $870 million over the seven years that Zelle has been in existence due to the ...

“By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves,” said CFPB Director Rohit Chopra in a Friday ...