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7 hours ago
NY attorney general sues Zelle's parent company
NEW YORK -- New York's attorney general on Wednesday sued the parent company of the Zelle payment platform, months after the federal Consumer Financial Protection Bureau abandoned a similar case as the Trump administration was gutting the agency. Attorney General Letitia James, a Democrat, sued Early Warning Services in New York state court, alleging that the company, which is owned by a group of U.S. banks, had failed to protect users from fraud by not including critical safety features in Zelle's design. The Consumer Financial Protection Bureau earlier this year dropped a similar case after President Donald Trump fired the agency's leader and his administration halted nearly all the bureau's work, closed its headquarters and moved to fire many of its workers. In a statement, James' office noted that its suit was filed after the Consumer Financial Protection Bureau abandoned its lawsuit following a 'change in the federal administration.' 'No one should be left to fend for themselves after falling victim to a scam,' James said in a statement. 'I look forward to getting justice for the New Yorkers who suffered because of Zelle's security failures.' James has been a leading antagonist of Trump, a Republican, and has sued him dozens of times. Last week, The Associated Press and other news outlets reported that the Justice Department has subpoenaed James as part of an investigation into whether she violated Trump's civil rights, according to people familiar with the matter. James' case against Early Warning Services alleged that Zelle, which allows users to send and receive near-instant money transfers, failed to include adequate verification processes. Her office said scammers were able to access peoples' accounts or trick users into sending money to bogus accounts that posed as official businesses. In one instance cited by the attorney general's office, a Zelle user got a call from someone posing as an employee of the utility company Con Edison who told the user that his electricity was going to be shut off unless he sent them money through Zelle. The user then transferred about $1,500 to a Zelle account named 'Coned Billing" and then realized he had been scammed but was told by his bank that he could not get his money back, James' office said. In a statement issued through a spokesperson, Zelle called James' lawsuit 'a political stunt to generate press, not progress.' 'The Attorney General should focus on the hard facts, stopping criminal activity and adherence to the law, not overreach and meritless claims,' the statement said.
The Hill
11 hours ago
- The Hill
New York sues Zelle, alleging lack of safeguards against fraud
The state of New York sued Zelle's parent company Wednesday, accusing the firm behind the electronic payment platform of failing to adopt sufficient safeguards to protect consumers from fraud. New York Attorney Letitia James alleged that Early Warning Services, a financial technology company owned by the nation's largest banks, hastily launched Zelle to compete with emerging payment platforms, like Venmo and PayPal. As a result, she argues, Zelle offered more limited security protocols and made the network 'an obvious conduit for fraudulent activity.' Despite an initial effort in 2019, the company did not implement additional safeguards until 2023, resulting in more than $1 billion in losses, according to Wednesday's complaint. 'No one should be left to fend for themselves after falling victim to a scam,' James said in a statement. 'I look forward to getting justice for the New Yorkers who suffered because of Zelle's security failures.' The New York attorney general is asking the court to order Zelle to maintain certain safeguards and antifraud measures, as well as to account for and compensate New York consumers who reported losses. The Empire State's lawsuit comes after the Consumer Financial Protection Bureau dropped its case against the company in March. Zelle pushed back on the allegations, calling the lawsuit a 'political stunt to generate press, not progress.' It contends that more than 99.95 percent of transactions on the platform are completed without scam or fraud reports. 'The Attorney General wants to hand criminals a blueprint for guaranteed payouts with no consequences, opening the floodgates to more scams, not less,' a Zelle spokesperson said in a statement. 'That's bad policy and puts consumers at greater risk.' 'This is nothing more than a copycat of the Consumer Financial Protection Bureau lawsuit that was dismissed in March,' they continued, adding, 'The Attorney General should focus on the hard facts, stopping criminal activity and adherence to the law, not overreach and meritless claims.'
UPI
11 hours ago
- UPI
N.Y. AG Letitia James sues parent company of Zelle for allowing fraud
1 of 2 | New York Attorney General Letitia James filed suit Wednesday against the parent company of Zelle, the banking transfer app. The company is partially owned by Bank of America, JPMorgan Chase, Capital One and Wells Fargo. File Photo (2012) by John Angelillo/UPI | License Photo Aug. 13 (UPI) -- New York Attorney General Letitia James filed suit Wednesday against the parent company of Zelle, a bank transfer app, for "failing to protect its users from massive amounts of fraud," a press release said. An investigation by the Office of the Attorney General revealed that parent company Early Warning Services designed Zelle without critical safety features, allowing scammers to target users and steal more than $1 billion between 2017 and 2023, the release said. "No one should be left to fend for themselves after falling victim to a scam," James said in the statement. "I look forward to getting justice for the New Yorkers who suffered because of Zelle's security failures." 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, the press release alleged. The Consumer Financial Protection Bureau filed a similar suit in December 2024, but it was dropped after the President Donald Trump administration took power. James seeks restitution for damages for affected New Yorkers and a court order mandating that Zelle maintain anti-fraud measures. The app is partially owned by Bank of America, JPMorgan Chase, Capital One and Wells Fargo, and it was launched in 2017 to compete with other payment apps like Venmo or CashApp, which are not owned by banks. James alleges that those banks tasked EWS with hastily launching an electronic payment platform. In their rush to launch, EWS prioritized attracting new users through a simple registration process and quick transfers that left consumers vulnerable to scammers. James' complaint alleges: EWS and its partner banks knew for years that fraud was spreading on Zelle and failed to take meaningful action to stop it. When participating banks got complaints from Zelle users about fraud, EWS allowed banks to report that fraud to EWS long after it happened, which enabled bad actors to scam more consumers. When Zelle launched, EWS did not require banks to report scams. When EWS did get reports of fraud, it failed to promptly remove the fraudsters from the Zelle network or require banks to reimburse consumers for scams. EWS developed basic safeguards to address these issues as early as 2019, but failed to adopt them. EWS failed to meaningfully enforce even the limited anti-fraud rules that it did have in place against banks despite knowing of widespread violations of those rules. In one example James' department explained, a New York user received a call from someone impersonating a Con Edison employee saying that the consumer was delinquent on his energy bills and that his "electricity was going to be shut off that day" unless he paid Con Edison via Zelle. The fraudster identified "Coned Billing" as the name associated with the account. The consumer transferred $1,476.89 to a Zelle account named "Coned Billing," but after realizing the call was a scam, was told by their bank, JPMorgan Chase, that the bank "can't get [him] that money back."
