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The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Zelle and three major banks—Chase, Wells Fargo, and Bank of America—alleging that they failed to protect users from widespread fraud on the peer-to-peer payment network. The lawsuit highlights that these institutions are linked to approximately $1 billion in fraud losses. Additionally, the year 2024 has seen a surge in 'pig butchering' scams, which have reportedly cost crypto users $3.6 billion, predominantly affecting Ethereum users. These scams have raised concerns about the security of digital payment systems and the effectiveness of existing consumer protections.
Pig butchering scams top 2024 crypto fraud with $3.6 billion in losses https://t.co/sTmbLBG6wi
Hackers don’t take holidays, and Hyperliquid might be their next jackpot. With $2B secured by just 4 validators, experts are calling this a billion-dollar disaster waiting to happen. #web3security #crypto #rektifyai #cybersecurity #bitcoin #ethereum https://t.co/bouciEuVfj
Did you know? 9 out of 10 adults who have been victims of fraud were satisfied with their bank’s response. Read more about some of the many safeguards that Zelle employs to protect its users from fraud and scams: https://t.co/NwvIrgMxO2 https://t.co/RpZ1gU7BbL
