CFPB to pressure banks to cover more payment service fraud

WASHINGTON – The Consumer Financial Protection Bureau is preparing to encourage banks to pay back more customers who are victims of alleged fraud on Zelle and other money transfer services, according to people familiar with the upcoming regulatory effort.

Under new guidance that the agency is preparing to publish in the coming weeks, banks may face increased demands around certain scams that have become more prevalent on these platforms, these people said, such as when a customer is tricked into sending money to a scammer who pretends to be a representative of his or her bank.

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