New York Attorney General Letitia James has filed a lawsuit against Zelle’s parent company, Early Warning Services, accusing it of failing to protect customers from widespread fraud that cost victims over a billion dollars between 2017 and 2023. The suit claims EWS ignored known vulnerabilities and failed to enforce anti-fraud rules on its partner banks. Experts say the case raises major questions about the responsibilities of real-time payment platforms, highlighting the need for stronger security, identity verification, and consumer education. While a victory for New York could result in fines and mandated reforms, it remains uncertain whether consumers will see meaningful change or restitution. This and more on the Tech Field Day News Rundown with Tom Hollingsworth and Alastair Cooke.
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