The Consumer Financial Protection Bureau (CFPB) has sued the operator of Zelle—as well as Bank of America, JPMorgan Chase, and Wells Fargo—for failing to protect consumers on the peer-to-peer payment network.

The agency said they will seek cash damages to repay consumer losses over fraudulent activity. It claims that customers at the banks lost more than $870 million to fraud since Zelle's inception.

The Consumer Financial Protection Bureau made the announcement Friday and claims that Americans have lost hundreds of millions of dollars to fraud connected to poor safeguards for the peer-to-peer payment network. JPMorgan Chase is also listed in the lawsuit.