The nation's top consumer watchdog on Friday sued the payment app Zelle and three of the nation's largest banks for failing to protect customers from fraud.

The government agency sued Zelle’s operating company and four of its partner banks (JPMorgan Chase, Bank Of America and Wells Fargo). The CFPB says the service hasn’t done enough to protect consumers from fraud.

The Consumer Financial Protection Bureau is suing the operator of Zelle and three of the United States' largest banks—Bank of America, JPMorgan Chase, and