NY Attorney General Sues Zelle Over Alleged $1 Billion Fraud, Citing ‘Shoddy Security’
NY Attorney General Sues Zelle Over Alleged $1 Billion Fraud, Citing ‘Shoddy Security’ New York Attorney General Letitia James has launched a lawsuit against the consortium of banks operating Zelle, alleging that the digital payment platform’s lax security measures facilitated over $1 billion in customer fraud between 2017 and 2023. The lawsuit claims that Zelle, managed by Early Warning Services (EWS) and owned by major financial institutions like Bank of America, JPMorgan Chase, and Wells Fargo, was hastily launched with…