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New York Sues Zelle Parent Company, Alleging It Enabled Fraud
New York Attorney General Letitia James has sued Zelle's parent company, Early Warning Services, alleging it knowingly enabled over $1 billion in fraud from 2017 to 2023 by failing to implement basic safeguards. CNBC reports: "EWS knew from the beginning that key features of the Zelle network made ...
New York Attorney General Letitia James has sued Zelle's parent company, Early Warning Services, alleging it knowingly enabled over $1 billion in fraud from 2017 to 2023 by failing to implement basic safeguards. CNBC reports:"EWS knew from the beginning that key features of the Zelle network made it uniquely susceptible to fraud, and yet it failed to adopt basic safeguards to address these glaring flaws or enforce any meaningful anti-fraud rules on its partner banks," James' office said in the release. James is seeking restitution and damages, in addition to a court order mandating that Zelle puts anti-fraud measures in place.
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