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 on Wednesday sued Early Warning Services (EWS), which operates Zelle, alleging the electronic money-transfer service fails to protect its users from “massive amounts of fraud.

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