New York AG sues Zelle parent company, alleging shortcomings allowed scammers to steal $1 billion

New York Attorney General Letitia James filed a lawsuit Wednesday against Early Warning Services, or EWS, alleging the parent company of Zelle failed to implement certain safeguards, causing “catastrophic harm to millions of consumers” and allowing fraudsters to steal more than $1 billion from 2017 to 2023. EWS, which is co-owned by Bank of America, Capital One,…

New York Attorney General James sues Zelle parent company, alleging it enabled fraud

New York Attorney General Letitia James speaks outside New York Supreme Court in New York City ahead of former President Donald Trump’s civil business fraud trial on October 2, 2023. John Lamparski | AFP | Getty Images New York Attorney General Letitia James sued the operator of the Zelle payments network on Wednesday, alleging it…