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New York Sues Zelle Parent Company, Alleging It Enabled Fraud

2 weeks 2 days ago
New York Attorney General Letitia James has sued Zelle's parent company, Early Warning Services, alleging it knowingly enabled over $1 billion in fraud from 2017 to 2023 by failing to implement basic safeguards. CNBC reports: "EWS knew from the beginning that key features of the Zelle network made it uniquely susceptible to fraud, and yet it failed to adopt basic safeguards to address these glaring flaws or enforce any meaningful anti-fraud rules on its partner banks," James' office said in the release. The lawsuit alleges that Zelle became a "hub for fraudulent activity" because the registration process lacked verification steps and that EWS and its partner banks knew "for years" that fraud was spreading and did not take actionable steps to resolve it, according to the press release. James is seeking restitution and damages, in addition to a court order mandating that Zelle puts anti-fraud measures in place. "No one should be left to fend for themselves after falling victim to a scam," James said in the release. "I look forward to getting justice for the New Yorkers who suffered because of Zelle's security failures." A Zelle spokesperson called the lawsuit a "political stunt to generate press" and a "copycat" of the CFPB lawsuit, which was dropped in March. "Despite the Attorney General's assertions, they did not conduct an investigation of Zelle," the spokesperson said. "Had they conducted an investigation, they would have learned that more than 99.95 percent of all Zelle transactions are completed without any report of scam or fraud -- which leads the industry."

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Pebble Time 2 Reboot Gets a Redesign

2 weeks 2 days ago
Pebble has unveiled the final design of its rebooted Pebble Time 2 smartwatch, featuring a stainless steel body, color accents, knurled buttons, a flat glass display, customizable RGB backlight, and a built-in compass. 9to5Google reports: In a new episode of his podcast "Tick Talk," original Pebble founder Eric Migicovsky discusses the progress being made on the revival. This time around, the main topic is Pebble Time 2 and its "final design," which sees a considerable redesign compared to what was shown off earlier this year. The new look has some added curves, color accents, knurled buttons, and a stunning overall look. It'll be available in black and silver colors, as opposed to the black and white previously shown off. In between the metal portions of the build, a polycarbonate layer will allow the radios to work properly, while also adding a blue or red accent to the design. Apparently, there are four total color options on the table, but they're not final just yet. Anyone who has placed a pre-order will get the choice of what color they want. The new Pebble Time 2 will be made from stainless steel, in particular the same steel material that the original Pebble Steel was built from. It also has transitioned to a flat glass panel versus the curved finish that was used on prior Pebble watches, lessening reflections. The backlight on this model is also more advanced, with an RGB LED that allows the user to control the backlight color so it's not always "blue-ish." Migicovsky says that this will allow the color temperature to change through the day. The Pebble Time 2 is available to pre-order for $225.

Read more of this story at Slashdot.

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