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Payment apps make it easy to split a check or send money to a friend in seconds. That same convenience, though, can become a liability the moment a scammer enters the picture. This blog covers how banks address these situations and what options victims have available....
Banks help to safeguard the financial resources of account holders. People deposit their funds with insured institutions to reduce their risk of theft and potentially secure interest on top of the base amount that they save. Unfortunately, bank accounts are not...
You check your bank account and freeze. The money you wired to close on your dream home has vanished. A criminal intercepted your wire transfer and stole your life savings in minutes. This nightmare happens to thousands of Americans every day, and the clock starts...
Scammers and cybercriminals continuously devise sophisticated methods to drain your bank account. Fortunately, the Electronic Fund Transfer Act (EFTA) provides legal protections. But how robust are these safeguards when you're targeted? What EFTA covers and how it...
SmithMarco, P.C., Attorneys at Law has recovered nearly $200,000 from Citibank on behalf of an 82-year-old client whose checking and savings accounts were drained by a fraudster. The victim had banked with Citibank for over 37 years and had never used online banking...
Over the years, debit cards have become a convenient way to make purchases and manage finances. However, with the rise of online transactions and digital payments, it is important to protect your information from fraudsters. When you go to swipe your debit card, it...
Identity theft reports have skyrocketed during the last five years, and credit card theft remains the most common, according to new statistics. According to the report, it is estimated that as many as one out of three Americans fall prey to becoming a victim of identity theft each year. Identity theft can include criminals using mail theft, credit card skimming,…
According to CNBC, the Federal Trade Commission took 2.4 million financial fraud reports in 2022. In today's digital age, financial scams have become increasingly sophisticated and prevalent. Falling victim to a scam can result in significant financial losses and...
In a world where digital transactions have become the norm, people must keep their financial information safe. Enter the Electronic Fund Transfer Act, a powerful legislation that serves as a shield against potential fraud and unauthorized transactions. The EFTA...
EFTA stands for the Electronic Funds Transfers Act. It is a law that was first enacted in 1978 to protect consumers engaging in electronic transfers because impersonal banking was on the rise. Less and less people were going to tellers, and more and more to...