EFT: Authorized vs Unauthorized

Find more Free Resources Here - https://www.bankerscompliance.com/ban...

The transcript discusses liability in the context of unauthorized transactions. Jerod explains that in order to determine who is responsible for the transaction, it is important to determine whether it is authorized or unauthorized. He also addresses the misconception that regulations should go beyond what is currently required. He provides examples of unauthorized and authorized transaction. He also discusses the scenario where someone obtains the consumer's account or card information but does not conduct a transaction themselves. Jerod emphasizes the importance of gathering all the details from the customer to determine whether the transaction is authorized or unauthorized.

Clip taken from EFT. Find training here - https://store.bankerscompliance.com/#...