Zelle fraud under fire as New York sues the payment app’s creators over $1 billion in scam losses. Here's what users need to know.

New York Attorney General Letitia James says banks have ignored major security problems.

Zelle was sued on Wednesday by New York Attorney General Letitia James, who said the electronic payment platform's refusal to adopt critical safety features enabled fraudsters to steal more than $1 billion from consumers.