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Federal probe into scams via Zelle asks if banks are protecting customers

A purple koozie with the word "Zelle" on it.
Photo: Stefanie Keenan/Getty Images for Early Warning Services, LLC

The CFPB wants to know whether banks are doing enough to verify the identity of deposit-account customers.

JPMorgan Chase, Bank of America and Wells Fargo are among banks to have been contacted by the Consumer Financial Protection Bureau (CFPB) about whether they are doing enough to protect their Zelle account holders enough from scammers.

The information was disclosed in security filings over the past week and, the