How Safe Are Money E-Transfers in 2022
A quick and practical method of sending and receiving money is through electronic funds transfer (EFT). As with everything involving money, they are typically extensively used without incident, but they can occasionally become a target for cybercriminals. posing the query, "Are electronic transfers secure?" After all, there have been examples of e-transfer fraud when victims lost thousands of dollars.
This article examines the operation of e-transfers, safeguarding bank accounts against identity theft, how banks look into bogus transactions, and how to assure secure e-transactions.
What are E-Transfers ?
E-transfers are defined as follows by the United States Electronic Fund Transfer Act of 1978:
An electronic funds transfer is defined as "a funds transfer started using an ele...