The Consumer Financial Protection Bureau asserts that the banks rushed to get the peer-to-peer payments platform to market without effective safeguards against fraud.

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Zelle and three banks that own it — Wells Fargo, Bank of America, and JPMorgan Chase — claiming they failed “to protect consumers from widespread fraud.

Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.