New York's attorney general on Wednesday sued the parent company of the Zelle payment platform, months after the federal Consumer Financial Protection Bureau abandoned a similar case as the Trump administration was gutting the agency.

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.

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.