The average consumer loss due to financial scams in electronic money transfers is around $500, rising to $3,000-$5,000 for larger transfers via Zelle.
Senator Blumenthal aims to create legislation for reimbursing consumers who fall victim to fraudulent transfers through platforms like Zelle, where only 38% of losses are refunded.
Banks and Zelle must address their failure in protecting consumers against fraud, despite emphasizing consumer alertness towards scams.
Blumenthal is holding a hearing with major bank executives and seeking cooperation from Zelle's parent company to tackle the issue of financial scams.
Collection
[
|
...
]