New York Attorney General Letitia James filed suit on Wednesday, alleging that Zelle’s lack of “critical safety features” helped scammers steal over $1 billion from US consumers. The lawsuit targets Zelle’s parent Early Warning Services, LLC, which is owned by the top banks, including Wells Fargo, Capital One, and Bank of America. The company "knew for years that fraud was spreading on Zelle and failed to take meaningful action to stop it," James says. The US Consumer Financial Protection Bureau (CFPB) dropped a case against Zelle’s parent company in March after the Trump administration gutted the agency. James’s lawsuit will only seek restitution for New York residents whereas the CFPB could’ve secured relief nationwide. #zelle #lawsuit #cfpb #technews Did we help? Amazing! We’ve got plenty more where that came from. Make sure Google knows you want PCMag in your Top Stories. Head to PCMag to learn how. 🎙️