The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America, and Wells Fargo, accusing the banks of failing to prevent rampant fraud on the Zelle payment platform, resulting in fraud losses amounting to $870 million. The federal lawsuit claims that these major banks allowed fraud to fester, thus not protecting consumers adequately. This action comes as regulators seek to hold the banks accountable for their alleged negligence in safeguarding users from payment scams.