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Consumer law expert: state updates needed as banks, wires and crypto leave victims with little recourse
Summary
Carla Sanchez Adams of the National Consumer Law Center told a California Senate committee that federal protections cover some payment methods but not bank wires, many crypto payments or fraudulently induced transfers; she urged state action to modernize laws and require greater responsibility from receiving institutions.
Carla Sanchez Adams of the National Consumer Law Center told the Senate committee that payment fraud falls into two legal buckets—unauthorized transfers, which federal law can sometimes protect, and fraudulently induced transfers, where the victim was tricked into making the payment.
"Payment fraud can be sorted into two buckets, unauthorized and fraudulently induced," Sanchez Adams said. She explained that protections under the Electronic Fund Transfer Act and the Truth in…
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