NEW YORK CLAIMS ZELLE'S SHODDY SECURITY ENABLED A BILLION DOLLARS IN SCAMS

Summary from the TLDR InfoSec newsletter

New York Attorney General Letitia James is suing Zelle's owner, Early Warning Services, alleging the platform's weak verification and safeguards enabled over $1 billion in scams through 2023. The suit cites lax registration, slow fraud reporting, misleading “safe” marketing, and poor scammer removal. Zelle says the suit is a political stunt and claims it has strong anti-fraud efforts.