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.

New York Attorney General Letitia James sued the parent company of payments network Zelle, alleging it enabled fraud. James' office said in a press release that scammers stole over $1 billion from Zelle users between 2017 and 2023.

New York’s attorney general has sued the parent company of the Zelle payment platform, months after the federal Consumer Financial Protection Bureau abandoned a similar case under the Trump administration.