HR 9303
Protecting Consumers From Payment Scams Act
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Bill overview
The Protecting Consumers From Payment Scams Act amends the Electronic Fund Transfer Act to better protect consumers from fraudulent payment scams. Specifically, it defines ‘unauthorized or fraudulently induced electronic fund transfers’ more broadly, clarifying when a transfer is considered fraudulent, even if initiated by the consumer. It also establishes a framework for sharing liability between financial institutions when a consumer is defrauded, and clarifies consumer liability in such cases. Finally, it updates definitions related to errors and provides for shared responsibility between institutions involved in fraudulent transfers.
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