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 sued the operator of Zelle and three of the country's largest banks — JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), and Wells Fargo (NYSE:WFC) — on Friday,

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

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,

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

A federal regulator sued JPMorgan Chase, Wells Fargo and Bank of America on Friday, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle,

The Consumer Financial Protection Bureau is suing America's three largest banks, accusing the institutions of failing to protect customers from fraud on Zelle, the payment platform they co-own.

The controversial regulator alleges the banks failed to prevent fraud on Zelle, a payment platform they co-own.