NEW YORK (Reuters) -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.

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

Zelle, the peer-to-peer payment app used by millions of Americans, is under intense scrutiny after New York Attorney General Letitia James filed a lawsuit accusing the platform of enabling large-scale fraud.