BofA wins class action lawsuit against Zelle and Venmo fraud losses

By Sarah Jarvis (May 31, 2022, 5:18 p.m. EDT) – Bank of America NA has been hit with a proposed class action lawsuit alleging that it fails to tell account holders that there is “virtually no recourse” for recoup losses when fraud occurs through peer-to-peer payment platforms like Zelle and Venmo.

Plaintiff Mohammad Al-Ramahi said in a complaint filed Friday in federal court in California that while various member banks and credit unions that participate in the use of Zelle encourage their account holders to sign up for the service by marketing it as a fast, safe and secure way. for consumers to send money, there are “enormous and undisclosed” security risks associated with using Zelle this bank…

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