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Peer-2-peer electronic funds transfer apps, such as Zelle and Venmo, were already gaining in popularity before the COVID-19 pandemic. Due to social distancing measures required by COVID-19, usage of these apps exploded exponentially, creating opportunities for bad actors to defraud consumers.
Under the Electronic Funds Transfer Act (“EFTA”) and its implementing regulation, Regulation E, the risks associated with fraud may be transferred to the financial institution. Learn about common risk areas in EFTA/Regulation E compliance, recent guidance from the CFPB, and the steps banks can take to mitigate against EFTA/Regulation E exposure.