Protecting Consumers From Payment Scams Act

This bill amends the Electronic Fund Transfer Act to protect consumers from payment scams by clarifying liability for fraudulently induced electronic fund transfers. It defines "fraudulently induced" transfers as those where a consumer's authorization was tricked or coerced, and states consumers bear no liability for such transfers. Key provisions require financial institutions to reimburse consumers for these losses and establish shared liability: the bank holding the consumer's account and the bank receiving the transfer must equally split costs for fraud-related losses. The law directly affects consumers who fall victim to payment scams and the financial institutions processing electronic transfers.