Regulatory Alerts2000-10-23 | 24085Added · Updated
Electronic Transfer of Funds Crime Act
The Electronic Transfer of Funds Crime Act establishes criminal offenses related to the misuse of bank, credit, and smart cards, including theft, forgery, fraudulent use, and trafficking in counterfeit cards. It imposes specific fines and imprisonment terms on individuals and financial institutions, such as a $50,000 fine for card theft on indictment and a $50,000 fine for unauthorized disclosure of cardholder lists. The Act defines cardholder liability for losses up to $500, provided notice of loss is given within two days, and sets a one-year limitation period for summary prosecutions.
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