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.

NY Attorney General claims Zelle lacked critical safeguards that led to those huge fraud losses. Zelle called the suit ‘a political stunt.’