Electronic Funds Transfer Act: What to Know - TL
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The Electronic Funds Transfer Act (“EFTA”) is an old statute that is getting some new attention. Since the Covid-19 Pandemic, fraud through purely electronic sources has been on the rise. Over the last five years, the FBI has received an average of 652,000 complaints of cyber-crimes per year.
This webinar will discuss how consumer protection attorneys can utilize EFTA as a tool to get some of these victims their money back from the financial institution. The webinar will dive into the types of transfers that fall within the statute; what steps a consumer needs to take to properly dispute under EFTA; the limits on consumer liability for unauthorized transfers; and what damages the consumer is entitled under EFTA.
This webinar is vitally important for those who do not know of EFTA, and also makes a great resource for those who may need a refresher.
What You Will Learn
· What types of transactions apply
· How to dispute fraudulent transactions
· What the financial institution is required to do in response
· What limitations on damages to the consumer are in place
· What remedies a consumer can receive, including treble damages