Originally appearing in The Hill on Feb. 2, 2024, Sydney Dunlap covered a Senate Banking Committee on fraud and scams in the banking system and quoted testimony provided by Carla Sanchez-Adams, senior attorney at the National Consumer Law Center.
If a person falls victim to fraudulently induced transactions, “You are going to hear ‘too bad, so sad,’ because there are no clear protections currently under federal or state law,” Sanchez-Adams said.
Scams especially affect vulnerable groups, Sanchez-Adams said. Older adults often lose the most money, but young people are the most likely to be scammed.
“The impacts of payment fraud are keenly felt by certain low-income communities, older Americans and communities of color. These communities who are already struggling and often pushed out of the traditional banking system can least afford to lose money due to payment fraud and errors.”
Carla Sanchez-Adams, senior attorney at the National Consumer Law Center
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