"Attorney General James Sues Company Behind Zelle For Enabling Widespread Fraud; Users Lost More Than $1 Billion While Zelle Operator Controlled By Major Banks Knew The Platform Was Vulnerable To Scammers; AG James Encourages New Yorkers Who Lost Money To Zelle Scams To File A Report With OAG's Consumer Frauds Bureau"
Benzinga · 2d ago
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EWS is a financial technology company owned and controlled by a group of the country's largest banks, including JPMorgan Chase, Bank of America, Capital One, and Wells Fargo. Those banks tasked EWS with hastily launching an electronic payment platform to compete with payment apps like Venmo, PayPal, and CashApp, which were not controlled by banks. In their rush to launch, EWS prioritized attracting new users through a simple registration process and quick transfers that left consumers vulnerable to scammers.
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