The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Zelle and three banks that own it – Wells Fargo, Bank of America and JPMorgan Chase – claiming they failed to “protect consumers from widespread fraud.” Zelle is a payments network designed to compete with payment platforms like Venmo and Cash App. But banks “rushed” it to market, enabling fraud that has cost consumers more than $870 million since its launch in 2017, according to the CFPB.

The lawsuit cites Zelle’s designs and features, including a “limited” identity verification process that assigns a “token” to a user’s email address or cell phone number that allows them to verify their account with a one-time passcode. This setup makes it easier for fraudsters to take over accounts, hide their own identities or impersonate other institutions, the CFPB claims.

The CFPB accuses Zelle and the trio of banks of failing to detect and quickly stop criminals on the platform because they allegedly failed to share information about known fraudulent transactions with other institutions in the payments network. It also alleges that Bank of America, JPMorgan Chase and Wells Fargo failed to adequately address fraud risk despite the “hundreds of thousands” of complaints they received.

Zelle rejected the lawsuit in a statement released Friday. “The CFPB’s attacks on Zelle are legally and factually flawed, and the timing of this lawsuit appears to be driven by political factors unrelated to Zelle,” said Zelle spokeswoman Jane Khodos. “The CFPB’s misguided attacks will embolden criminals, cost consumers more fees, stifle small businesses, and make it harder for thousands of community banks and credit unions to compete.”

The CFPB is asking the court to stop Zelle’s parent company, Early Warning Services, and the banks from violating consumer protection laws and to compensate users, among other things.