Zelle and three of the banks behind one of the nation’s biggest payment networks failed to protect users from “widespread fraud,” federal regulators alleged in a lawsuit filed Friday.

The Consumer Financial Protection Bureau (CFPB) has launched a lawsuit against major banks JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC), along with Zelle's operator Early Warning Services.

The US Consumer Financial Protection Bureau (CFPB) says hundreds of thousands of Zelle consumers 'were largely denied assistance' after being scammed.

The government accused three big banks of failing to protect consumers from fraud on the payment network Zelle.

The Consumer Financial Protection Bureau said Friday it filed a complaint against three of the country’s largest banks and the operator of Zelle, the most widely available peer-to-peer payment system,