A8: Combatting Unauthorized Electronic Charges (Video)

The Electronic Fund Transfer Act and Regulation E provide important protection against unauthorized charges and errors in electronic payments. The EFTA applies to a range of older and new types of electronic payments, including debit and prepaid cards, preauthorized electronic debits, and payments sent through systems like PayPal, Venmo and Zelle. But the scope of the protection can vary depending on the type of payment, how it was initiated, and whether it was completely unauthorized or the result of a scam. This session will provide an overview of EFTA rights as well as issues that come up if a financial institution does not respond adequately to a request to correct an error or unauthorized charge.