Zelle, a peer-to-peer payments network run by bank-owned fintech firm Early Warning Services, allows for instant payments to other consumers and businesses.

A federal regulator has sued JPMorgan Chase, Wells Fargo and Bank of America. The Consumer Financial Protection Bureau says the banks failed to protect hundreds of thousands of consumers from rampant fraud on the popular payments network Zelle,

Federal regulators said the nation's largest banks failed to put safeguards in place for consumers, creating a "gold mine for fraudsters."