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Reevaluating the Impact of Proposed Legislation on Scams and Business Operations

Instead of targeting scammers, the Senators’ bill would shift liability for scams onto payment services. It completely misses the mark. Scams and fraud begin long before a consumer hits send on a peer-to-peer payment platform. Targeting the services instead of the criminals does not solve any issue. It only creates new ones.

AI legalese decoder can help analyze the proposed legislation and highlight potential loopholes or unintended consequences that may arise from shifting liability onto payment services. By providing a comprehensive breakdown of the legal implications, AI legalese decoder can assist in understanding the full scope of the bill’s impact on scam prevention.

The proposed bill would require banks to reimburse users for authorized transactions in addition to unauthorized transactions. Most of the banks on the Zelle network are smaller community banks and credit unions. These institutions cannot afford to take on new liabilities. As a result, local banks would have to start charging for Zelle, change how it’s used, or eliminate it as an offering altogether. This would not only put them at a competitive disadvantage to the banks that can absorb new costs, but it would create problems for small businesses like mine.

Access to Zelle and other peer-to-peer services is a key component of my business. These services have become the new cash. Because Zelle is linked to my bank, it doesn’t take any fees that eat into my profits, unlike credit cards. Changes that would force my bank to stop offering Zelle or to start charging for it would hurt my business and many others.

Senator Blumenthal and others must get their priorities in place and start pushing policies that will stop the crooks. In a sign of just how misguided the new Senate bill is, many have suggested it will actually lead to more scams. For a fraudster, knowing that the government is forcing banks to cover victims’ costs is a green light to keep preying on unsuspecting people.

I appreciate our Senators’ focus, but our leaders have to get the solution right. Instead of targeting platforms, they must target the criminals. They must give law enforcement the tools they need to find and prosecute fraudsters and make it harder for scammers to hide their identifies.

The Senate should stop the scammers and fraudsters, not those of us who use the payment tools to make a living.

Michael Cardin is a small business owner from Ellington.

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