Scam victims on Zelle rarely get their money back. A new bill could fix that [Video]

Americans instantly zip billions of dollars a day to each other on Zelle and other payment apps to do everything from pay the babysitter to split restaurant bills.The speed and convenience of these payment platforms have simultaneously made them insanely popular and a magnet for con artists posing as dog breeders, ticket sellers, government agencies or other legitimate services.Related video above: Scammers use money transfer service to target victimsConsumers reported losing $210 million to fraudsters on payment apps and services in 2023 alone, 62% more than two years ago, according to federal data. Bank transfer or payment fraud losses spiked by nearly 150% over that span to $1.9 billion.Yet it’s often very difficult for consumers to retrieve money sent to bad guys. The big banks that run Zelle in particular “rarely” reimburse customers duped by scammers, according to a recent Senate investigation.So Democrats in Congress are introducing new legislation that …