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Congressman calls for increased digital wallet protection

May 4, 2022


Rep. Stephen Lynch, the chair of the House Task Force on Financial Technology, has proposed legislation that would provide additional consumer protections against being ripped off by fraudsters online.

Called the Protecting Consumers From Payments Scams Act, the bill — which is in discussion draft phase — would amend the Electronic Fund Transfer Act “to treat fraudulently induced electronic fund transfers in the same manner as (an) unauthorized electronic fund transfer,” according to a copy of the bill posted on the House website. The bill would protect consumers when they are tricked into making a fraudulent money transfer via payment apps, the site said.

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