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How Legal Access Plan Attorneys Can Help With Unauthorized or Fraudulent Electronic Transactions?

If you have ever been a victim of fraud, violation, or any unauthorized electronic transaction linked directly to your bank account or other financial account (such as a retirement account), then you require the assistance of a lawyer specializing in fraudulent electronic transfers.

Regrettably, there are numerous ways in which these deceitful electronic money transfers occur. Individuals can deceive you and take your money through platforms like Zelle, PayPal, Venmo, or CashApp. Service providers can continue charging you subscription fees even after you have canceled their services. You may be held up at an ATM and forced to withdraw money against your will. Someone might discover or steal your debit card and utilize it for unauthorized transactions. Your own bank may deduct unauthorized fees from your account. Retailers can charge you multiple times for a single transaction. Additionally, you may become a victim of identity theft, where someone electronically transfers money from your savings, checking, retirement, or other accounts.

Many of these fraudulent activities, such as ATM robbery, are considered criminal offenses. However, some may not be criminal in nature but are still regarded as unethical, such as unauthorized overdraft charges imposed by banks. Regardless, federal and state laws exist to safeguard consumers who fall prey to this type of fraud. One crucial legislation in this regard is the Electronic Funds Transfer Act (EFTA).

How the EFTA protects your consumer rights

The Electronic Funds Transfer Act (EFTA) is a crucial federal law that governs the electronic transfer of money by directly debiting a consumer’s account. This encompasses various activities such as:

  1. Using bank cards at the point of sale by swiping, tapping, or inserting them.
  2. Conducting ATM transactions.
  3. Receiving direct deposits.
  4. Setting up Auto Pay with service providers.
  5. Engaging in person-to-person transactions through money apps like Zelle, Venmo, and CashApp.
  6. Making online and over-the-phone payments.
  7. Converting checks electronically.

The common thread among these transactions is their electronic nature and direct connection to transferring money from a consumer’s bank or financial account, rather than utilizing a credit card or line of credit. Any electronic transaction, whether through phone, online, or app, that directly involves a bank or other account with actual funds falls under the purview of this law.

Transactions that rely on credit are governed by separate laws, as are wire transfers, paper checks, and prepaid cards. Both banks and third-party companies offering online and app-based platforms for Peer-to-Peer transactions are regulated under the EFTA.

What you should do if you are a victim of consumer financial fraud

If you suspect or have experienced consumer financial fraud, such as unauthorized charges on your debit card, there are several important steps you need to take:

  1. Immediately notify your bank or financial institution. Within 60 days from the date of the account statement where the fraudulent charges are listed, you must directly dispute all of these charges with the bank. According to the EFTA (Electronic Fund Transfer Act), you can dispute the charges and report the fraud through various methods such as telephone, email, mailed letter, or in-person at a local branch (if available). It is recommended to provide a written dispute, either through email or letter, as it helps preserve evidence of your dispute. Remember, the speed at which you report the fraud is crucial for your right to reimbursement for unauthorized charges. (For more information, refer to “Consumer Rights Under the EFTA” below.)
  2. Before contacting the bank, carefully review your account statement for the affected account. Look for any unfamiliar, unauthorized, or confusing entries. Pay attention to details such as store names, dates, locations, and amounts.
  3. Take notes during or immediately after your conversation with the bank to ensure you have a clear understanding of the next steps, your rights, and their actions.
  4. If you have been a victim of forced withdrawals from an ATM or any other financial account, notify the bank about this fraud and also inform the police immediately.
  5. If the fraud involves the use of a Peer-to-Peer (P2P) app or online platform like PayPal, Zelle, Venmo, or similar services, notify them without delay.
  6. File a written confirmation of the dispute by sending a certified mail. While your initial contact with the bank or financial institution will inform them about the dispute and initiate a fraud investigation, it is highly recommended to follow up with a detailed written dispute letter, including any supporting documentation. Send all the necessary documents via certified mail. In your letter, clearly state that you are writing to dispute specific transactions.

It is advisable to review your credit reports regularly. We suggest conducting a thorough review of your credit reports at all three major credit bureaus – Experian, Equifax, and TransUnion – and placing a fraud alert on each of them. You can easily set up a fraud alert either online or by phone using the contact information provided on the respective credit bureau’s website.

It is important to note that you are entitled to receive a free copy of your credit report from each credit bureau on a weekly basis. We highly recommend taking advantage of this opportunity and regularly reviewing your credit reports for any discrepancies or suspicious activities. There are three different methods to request a copy of your credit report: online through annualcreditreport.com, by phone at 877-322-8228, or by mailing a request form, which can be obtained and printed from annualcreditreport.com. Please ensure that online requests are made exclusively through the government-verified website mentioned above.

Placing a fraud alert on your credit reports serves as a notification to lenders who access your credit report that additional verification is required before conducting a hard credit check or extending credit to anyone claiming to be you.

In addition to reviewing your credit reports, it is also recommended to carefully examine statements from other credit cards, as well as from banking or financial institutions, for any signs of fraudulent activity. If you identify any fraudulent charges, it is crucial to follow the necessary procedures to notify the companies involved and dispute the charges. For more information on disputing credit card charges and understanding your rights under the Fair Credit Billing Act regarding credit fraud, please refer to our article.

Depending on the nature and extent of the fraudulent activity, it may be necessary or advisable to file a police report. This step ensures that the appropriate authorities are made aware of the situation. For further details, please refer to the section titled “Criminal Prosecution” below.

During this process, it can be beneficial to seek legal guidance. Consumer Attorneys, among others, are available to provide assistance throughout the entire process. While it may appear straightforward, it is important to note that various federal and state regulations significantly impact your rights. Working with a lawyer who is well-versed in the legal landscape will greatly enhance your overall experience and outcome.

To ensure the best approach, it is highly recommended to work with lawyers specializing in debit card fraud. Their expertise in this area will prove invaluable throughout the process.

How our Legal Access Plan Attorneys can help

Depending on the type of financial fraud you encounter, you may find us online under various names, such as fraudulent transfer attorneys, debit card fraud lawyers, PayPal fraud attorneys, and more. No matter your search terms or specific requirements, our Legal Access Plan attorneys can help.         

Our legal team specializes in areas of law that aim to level the playing field between consumers and the corporate entities that often wield a disproportionate amount of power in transactions. If you have fallen victim to fraud, our debit card fraud lawyers are here to support you.

Our attorneys provide legal counsel on your rights under the EFTA and other pertinent federal and state laws. Being a nationwide firm, our lawyers understand how state laws interact with and enhance your protections under the EFTA.

We assist you in enforcing financial institutions’ obligations under the law, including navigating statutory time limits. Our attorneys will guide you on when to initiate legal action. With extensive experience in cases involving fraudulent debit card charges and other forms of consumer financial fraud, we are well-versed in the challenges you may face.

Our plan attorneys are familiar with the obstacles individuals encounter during the recovery process, such as inadequate investigations leading to financial institutions wrongly confirming fraudulent transactions as authorized. When you are already grappling with the emotional distress of financial violation and the added burden of holding banks and financial institutions accountable, having a skilled and knowledgeable lawyer by your side is crucial.

If financial fraud results in credit issues, missed payments, debt collection, or other related damages, our attorneys are equipped to assist you. As dedicated consumer protection lawyers, they offer comprehensive support.

Our Legal Access Plan attorneys can help you handle consumer financial fraud.

If you are a victim of violation of an unauthorized or fraudulent Electronic Transaction, consult a Legal Access Plan attorney. They can educate you regarding your rights, and get you compensation and damages that you may be entitled to from parties who may be liable for the violations.