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URL: https://www.consumerfinance.gov/compliance/compliance-resources/deposit-accounts-resources/electronic-fund-transfers/electronic-fund-transfers-faqs/

Consumer Financial Protection Bureau, Electronic Fund Transfers FAQs. Page last modified Jan. 16, 2025.
- "An unauthorized EFT is an EFT from a consumer's account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit."
- Account access information "obtained from a third party through fraudulent means such as computer hacking": "the transfer is an unauthorized EFT under Regulation E."
- "when a consumer is fraudulently induced into sharing account access information with a third party" and the third party uses it to make an EFT, "the transfer is an unauthorized EFT under Regulation E." "A consumer who is fraudulently induced into providing account information has not furnished an access device under Regulation E."
- The definition requires initiation by "a person other than the consumer".
- "Depending on the circumstances regarding the unauthorized EFT and the timing of the reporting, a consumer may or may not have some liability." Refers to 12 CFR 1005.6(b).
- Institution must "Report the results of its investigation within three business days after completing its investigation" and "Correct the error within one business day after determining that an error has occurred."