{USA
Finance Headline}
Zelle faces 1B$ Fraud Lawsuit
But the question is, what happened, how did it happen, and why is New-York involved?
By Reuters
1. What happened?
Attorney General of New York has filed a lawsuit against Zelle, which is the most popular P2P
payment transactions platform.
Attorney General filed that Zelle failed to protect its users’ identities and transaction safety.
2. How did it happen?
The answer is that once you send funds to anyone, it’s impossible to recover, once they've been
transferred. It's totally impossible to recover.
Users say that there’s no safety and no strong verification when you are sending funds/money.
Weak transaction safety.
3. Why is New York involved in this?
Zelle plays a role in millions of transactions per month, and big numbers are from New York.
So, my personal opinion to you is, as we know world is shifting digitally, so we have to
avoid these scams, share with friends and family members who are still using this.
Thanks for reading. Have a nice day!