BAC, JPM & COF-Owned Zelle App Faces Lawsuit Over Security Lapse

Key Takeaways New York AG sued Zelle for allegedly failing to prevent over $1B in consumer fraud.Zelle's owners, including Bank of America and JPMorgan, were aware of risks since 2017.Zelle says 99.95% of transactions are fraud-free and calls the lawsuit a political stunt.On Wednesday, the New York Attorney General, Letitia James, filed a lawsuit against Zelle, alleging that the payment platform failed to implement crucial safety measures, allowing fraudsters to steal over $1 billion from consumers.Zelle Ap ...