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most damaging consequences for consumers is the rise in unauthorized electronic funds transfers (EFTs), where money is withdrawn from a bank account without permission.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 […]
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. […]
Voice Cloning Scams and Unauthorized Transfers: Your Rights Under the Electronic Funds Transfer Act
By: Robert J. Nahoum The Short Answer: Credit Cards Are Safer Voice cloning scams are no longer science fiction, they are happening right now, and they are costing consumers thousands of dollars in unauthorized electronic withdrawals. If you have received a frantic call from someone who sounded exactly like a loved one asking for money, you are not alone. These […]
Imposter Scams and Unauthorized Electronic Fund Transfers: Your Rights Under the EFTA
By: Robert J. Nahoum Imposter scams trick victims into sending money or sharing bank details by posing as trusted entities like government agencies or banks. These frauds often result in unauthorized electronic fund transfers (EFTs), triggering protections under the Electronic Funds Transfer Act (EFTA). At The Law Offices of Robert J. Nahoum, P.C., we help consumers fight back against these violations. […]
Debit Card vs. Credit Card: Which Is Safer from Fraud in 2026?
By: Robert J. Nahoum The Short Answer: Credit Cards Are Safer If your wallet is stolen or your card details are compromised, a credit card is significantly safer than a debit card due to federal liability limits and the source of funds during a dispute. When fraud occurs on a credit card, you are fighting with the bank’s money. Your liability is capped at $50, […]
Electronic Funds Transfer Act vs. Fair Credit Billing Act: Key Differences, Damages and Consumer Rights
By: Robert J. Nahoum The Electronic Funds Transfer Act (EFTA), 15 U.S.C. §1693 et seq., governs electronic transfers from consumer bank accounts, including debit‑card, ATM, online banking, and app‑based transfers. The Fair Credit Billing Act (FCBA), 15 U.S.C. §1666, governs “open‑end” credit accounts, such as credit cards, and provides a dispute process for billing errors and unauthorized charges. What the EFTA Covers […]
Electronic Funds Transfer Act (EFTA) FAQs: Your Rights After Unauthorized Transfers and Banking Errors
By: Robert J. Nahoum What is the Electronic Funds Transfer Act (EFTA)? The Electronic Funds Transfer Act is a federal law, codified at 15 U.S.C. § 1693 et seq., that protects individual consumers who use electronic methods to move money, such as ATM withdrawals, debit card purchases, point‑of‑sale transactions, ACH transfers, and certain wire or remittance transfers. Its purpose is […]