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.

"Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves," the CFPB said.

The Consumer Financial Protection Bureau made the announcement Friday and claims that Americans have lost hundreds of millions of dollars to fraud connected to poor safeguards for the peer-to-peer payment network. JPMorgan Chase is also listed in the lawsuit.