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☆ Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.
▼ + stars: | 2024-08-07 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Consumers and small businesses sent $806 billion across 2.9 billion Zelle transactions in 2023, both up 28% from 2022. Consumers reported losing $210 million to scams across all payment apps in 2023, according to data from the Federal Trade Commission. The new bill aims to amend the law to make banks more liable for all financial transactions, whether they're authorized or unauthorized. AdvertisementOver 99.95% of all Zelle transactions in 2023 were completed without instances of fraud, according to Zelle. In the meantime, the Protecting Consumers from Payment Scams Act will go to the Committee on Banking, Housing, and Urban Affairs for review.

Persons: —, JPMorgan Chase, PayPal —, Maxine Waters, Sen, Richard Blumenthal, Elizabeth Warren, Waters, Zelle, Blumenthal, Wells Fargo, Wells, Cameron Fowler Organizations: Service, Bank of America, JPMorgan, Business, PayPal, Consumers, Federal Trade Commission, Rep, Homeland Security, Governmental Affairs, Investigations, Blumenthal, Services, Warning Services, SEC, Consumer Financial, Banking, Housing, Urban Affairs Locations: Zelle, Wells Fargo, jtowfighi@businessinsider.com

☆ Scam victims on Zelle rarely get their money back. A new bill could fix that
▼ + stars: | 2024-08-02 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Bank transfer or payment fraud losses spiked by nearly 150% over that span to $1.9 billion. The big banks that run Zelle in particular “rarely” reimburse customers duped by scammers, according to a recent Senate investigation. So Democrats in Congress are introducing new legislation that would seek to crack down on payment scams by closing loopholes in existing law. For instance, Zelle says that while customers hurt by unauthorized activity are “typically” able to get their money back, victims of scams may not. Under pressure from lawmakers, last year banks on Zelle began refunding some victims of imposter scams.

Persons: scammers, Maxine Waters, Sens, Richard Blumenthal, Elizabeth Warren, ” Blumenthal, “ Zelle, Zelle, Wells, ” Zelle, ” Ariana Duval, Duval, “, ” Duval, Cameron Fowler, EWS, ” Fowler, Fowler, he’s “, ” Organizations: New, New York CNN, Consumers, Bank, Republican, Rep, Senate, CNN, Homeland Security, Governmental Affairs, Investigations, Blumenthal, JPMorgan, Bank of America, North Carolina Agricultural, Technical State University, PayPal, Warning, Connecticut Democrat Locations: New York, Wells Fargo, Zelle, Connecticut

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