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.

New York Attorney General Letitia James filed suit Wednesday against the parent company of Zelle for allowing "massive amounts of fraud" on the platform.

An investigation by the attorney general's office revealed that Zelle lacks safety features that would have protected users from scammers, who have stolen over $1 billion between 2017 and 2023.