Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.

Wed, 08/07/2024 - 12:32

A silhouette of a person using a cell phone is seen against a purple background with the Zelle name and the company's motto: — Zelle users would have increased protections against scams under a proposed bill in Congress.
Rafael Henrique/SOPA Images/LightRocket via Getty Images

Lawmakers introduced a new bill that could give peer-to-peer payment app users more protection.
The bill aims to increase banks' liability for helping consumers resolve fraud disputes.
This comes after lawmakers' increased scrutiny of Zelle and several banks' approach to fraud cases.

Consumers defrauded while using Zelle or other peer-to-peer payment apps might have increased reimbursement protections under a new bill introduced by Democrats in Congress on August 2.