By: Robert J. Nahoum Phishing scams are no longer just about suspicious emails, they are one of the leading causes of unauthorized electronic funds transfers affecting everyday consumers. When scammers gain access to your banking information through deception, the financial fallout can be immediate and severe. Fortunately, federal law offers important protections. What Is a Phishing Scam? A phishing scam […]
How Phishing Scams Lead to Unauthorized Transfers—and Your Rights Under the EFTA
EFTA Notice Deadlines: The Critical Difference Between 2-Day and 60-Day Rules for Unauthorized Transfers
By: Robert J. Nahoum Discovering an unauthorized transfer from your bank account is alarming. But your financial protection under the Electronic Fund Transfer Act (EFTA) depends critically on when you report it. The EFTA establishes two essential deadlines: the 2-day rule and the 60-day rule. Understanding both, and how they work together, can mean the difference between losing $50 or losing thousands. At Nahoum Law, we represent […]
Data Breaches and Unauthorized Electronic Funds Transfers: What Consumers Need to Know
By: Robert J. Nahoum Data breaches are no longer rare events; they are an unfortunate and routine part of modern life. One of the most damaging consequences for consumers is the rise in unauthorized electronic funds transfers (EFTs), where money is withdrawn from a bank account without permission. If you have ever discovered unfamiliar withdrawals from your checking account, a […]
Account Takeover (ATO) & Stored Credentials: How Unauthorized Transfers Happen and What You Can Do
By: Robert J. Nahoum Account takeover (ATO) is one of the fastest-growing forms of financial fraud, and it often leads directly to unauthorized electronic funds transfers from your bank account, credit card, or payment apps. Many consumers are surprised to learn that these incidents frequently involve “stored credentials”, saved usernames, passwords, or payment information, — rather than traditional hacking in […]
The “Federal Lemon Law” What Is the Magnuson-Moss Warranty Act and How Does It Impact Auto Sales
By: Robert J. Nahoum Many consumers assume that when something goes wrong with a vehicle, the warranty will protect them. Unfortunately, auto dealers and manufacturers do not always honor those promises. That is where the Magnuson-Moss Warranty Act comes in, a powerful federal law designed to protect consumers from deceptive warranty practices. If you purchased a car and the dealer […]
Extended Warranty vs. Service Contract: What’s the Difference and Why It Matters Legally?
By: Robert J. Nahoum When buying a car, especially a used one, dealers often push “extended warranties” as a way to protect you from costly repairs. But here’s the problem: many of these products are not actually warranties at all. They are service contracts, and that distinction can have serious legal consequences. If you’ve ever felt confused or misled during […]
Must Auto Dealers Provide Finance Car Buyers with a Copy of the Sales Contract?
By: Robert J. Nahoum When you finance a car through a dealership, one of the most important documents in the transaction is the retail installment sales contract. The buyer should receive a copy of that contract, because it shows the real terms of the deal and helps the consumer verify what was actually agreed to. This matters not only as […]
Can Retirement Funds Be Levied in New York to Satisfy a Debt Collection Judgment?
By: Robert J. Nahoum Can retirement funds be levied in New York? In most cases, no. New York law generally protects retirement funds from judgment creditors, including many 401(k)s, IRAs, pensions, and similar retirement accounts. The key issue is usually not whether a creditor has a judgment, but whether the money is actually protected retirement money and whether it has been […]
Do Collection Agencies Sue Consumers in New York? What You Need to Know
By: Robert J. Nahoum If you have been contacted by a collection agency, you may be wondering: do collection agencies actually sue consumers? The answer is often misunderstood. In most cases, collection agencies themselves do not sue. Instead, lawsuits are typically filed by the original creditor or by a company that claims it purchased the debt – junk debt buyers. […]
Under The EFTA, Do You Have to Notify Your Bank in Writing About Unauthorized Electronic Transfers
By: Robert J. Nahoum Unauthorized electronic withdrawals, whether from debit card fraud, hacked accounts, ACH scams or CashApp, Zelle or Venmo, are increasingly common. One of the most frequent questions consumers ask is simple: Do I have to notify my bank in writing to be protected? The short answer is no, but there are important details that can affect your rights. […]