JPMorgan Chase, Bank of America and Wells Fargo have reportedly agreed to testify at a U.S. Senate hearing involving hundreds of millions of dollars in fraud involving the payment network Zelle. According to sources, executives will appear in court on July 23 to testify about $4.56 billion in fraudulent transactions that occurred on Zelle in 2022, of which the banks rejected $115 million in claims. The hearing was hosted by the Permanent Subcommittee on Investigations, and Democratic Senator Richard Blumenthal accused the banks of failing to adequately protect consumer interests, saying that banks are now more vigilant to deal with increasingly sophisticated technological fraud.