The Consumer Financial Protection Bureau (CFPB) alleged that various factors, including Zelle's relatively 'limited identification methods', allowed fraud to run rampant.

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.

"Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves," the CFPB said.