New York Attorney General Letitia James says the company, co-owned by major U.S. banks, failed to protect users. The company calls the suit "a political stunt."

Electronic payment platform Zelle has been sued by New York Attorney General Letitia James over allegations that its lack of critical safety features has enabled scammers to steal over $1 billion from US consumers.

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.