Overview
New York Attorney General Letitia James alleges that the Zelle platform has been falsely marketed as a safe and secure service despite owner Early Warning Services and banks blatantly ignoring for years widespread fraud across its platform, failing to remove the perpetrators behind the alleged fraud, then refusing to reimburse consumers who reported losses. James’ allegations aside, scams and phishing attacks are social cyber risks, not fraud. It’s a human cyber intelligence issue. And until the conversation shifts, we can expect financial losses connected to scams to continue.
Companies Mentioned:
Bank of America, Consumer financial protection bureau, Early Warning Services, Facebook, JPMorgan Chase, New York Attorney General, Wells Fargo, Zelle
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