A group of major banks, including JPMorgan Chase, Wells Fargo, and Bank of America, are under scrutiny for failing to protect customers from fraud on the Zelle payment network. US Senator Richard Blumenthal has raised concerns about the banks’ handling of scams and fraud, highlighting that customers reported $456 million lost to Zelle scams in 2022, with only $341 million reimbursed by the banks. The upcoming Congressional hearing will address these issues, with Zelle’s parent company CEO and executives from the three banks set to testify.
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