BLUMENTHAL, WARREN & WATERS INTRODUCE LEGISLATION TO PROTECT CONSUMERS FROM PAYMENT SCAMS
[Hartford, CT] - Today, U.S. Senators Richard Blumenthal (D-CT), Chairman of the Senate Permanent Subcommittee on Investigations, and Elizabeth Warren (D-MA) joined Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, to announce introduction of the Protecting Consumers from Payment Scams Act, legislation to better protect consumers making online payments through digital payment platforms like Zelle. As payment fraud skyrockets, the legislation would update the Electronic Fund Transfer Act (EFTA) to clarify ambiguities and strengthen the law to better protect consumers harmed when they make payments. Specifically, it would protect consumers when they are defrauded into initiating a payment sent to a bad actor, when they lose funds through fraudulent bank wire transfers, and when their accounts are inexplicably frozen…
