Banks’ Increased Liabilities on P2P Fraud May Have Silver Lining
Call it a reset on how the Consumer Financial Protection Bureau (CFPB) views authorized P2P fraud — and by extension, just who’s on the hook to make consumers whole.
For banks, the liabilities look set to increase. But there’s a silver lining.
News came Tuesday (July 19) that the CFPB has proposed requiring banks to pay back at least some (more) of their customers that are victimized by fraud conducted through P2P services such as Zelle when consumers authorize transactions that push money to fraudsters.