NY Attorney General Sues Zelle Over $1B+ Fraud Losses

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Zelle's critical design flaws created a fraudster's paradise that EWS ignored for years. The platform was rushed to market without even the most rudimentary security features, which allowed scammers to easily impersonate legitimate businesses while making transfers irreversible. The result cost New Yorkers and Zelle users across the U.S. hundreds of millions of dollars.