Laura Wamsley

In the payment app Zelle's seven years of existence, customers of Bank of America, JPMorgan Chase, and Wells Fargo have lost more than $870 million due to a lack of fraud protections. That's according to the lawsuit from the Consumer Financial Protection Bureau against those three banks, which are also among the co-owners of Zelle's parent company.

In the payment app Zelle's seven years of existence, customers of Bank of America, JPMorgan Chase, and Wells Fargo have lost more than $870 million due to a lack of fraud protections. That's according to the lawsuit from the Consumer Financial Protection Bureau against those three banks, which are also among the co-owners of Zelle's parent company.

The bureau says the banks failed to implement effective safeguards, then failed to help customers who were defrauded. Here's CFPB Director Rohit Chopra.

The bureau says the banks failed to implement effective safeguards, then failed to help customers who were defrauded. Here's CFPB Director Rohit Chopra.

In a statement, Zell said the bureau's lawsuit is legally and factually flawed and says its timing, quote, appears to be driven by political factors. Laurel Wamsley, NPR News.

In a statement, Zell said the bureau's lawsuit is legally and factually flawed and says its timing, quote, appears to be driven by political factors. Laurel Wamsley, NPR News.