The Consumer Financial Protection Bureau sued JPMorgan Chase, Bank of America and Wells Fargo on Friday, along with Early Warning Services, the operator of peer-to-peer payments platform Zelle, alleging the companies failed to protect consumers from fraud.

Customers of the three banks have lost more than $870 million over Zelle in the past seven years, the CFPB asserted, alleging that Early Warning Services rushed the platform to market to compete with the likes of Venmo and CashApp but without effective safeguards.

“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” CFPB Director Rohit Chopra said in a statement Friday. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.”

JPMorgan, Bank of America and Wells Fargo are among the seven banks that own Zelle, along with PNC, U.S. Bank, Truist and Capital One, which do not appear to be mentioned in the suit.

Bank of America disclosed in October that it was responding to a CFPB inquiry related to the bank’s processing of electronic payments through Zelle that it warned at the time may result in litigation.

JPMorgan warned in August that it may sue the CFPB if the agency were to issue an enforcement action against the bank over transfers of funds through Zelle.

This is a developing story. Read more on our website for live updates.