U.S. banks and the federal government clash over refunding victims of rising online financial scams.

A debate has arisen between U.S. banks and the federal government over online financial scams. The government calls for banks to ensure refunds for scam victims, while banks seek more federal action to prevent such scams. Nearly one-third of Americans experienced scams last year, with losses averaging $1,600 per person and totaling $10 billion. The American Bankers Association urges the government to create a national prevention strategy and update fraud laws.

November 03, 2024
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