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.

Customers across the three banks have lost a combined $870 million since Zelle launched in 2017, regulators claim.

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,