As the volume of debit card payment transactions rises (CAGR of 10.4% according to the Federal Reserve study in 2018) so does identity theft and fraud, ultimately increasing electronic funds transfer dispute claims by consumers. This is putting pressure on banks to take a step back and examine the way they are processing disputes and managing the regulatory requirements around them, or risk the potential for major losses as a result of fines or mismanagement of claims. Understanding where some of the most common mistakes are being made can help keep you and your bank out of hot water and minimize financial losses at the same time.
Requirements for Regulation E are complex and require a careful analysis of claims using the correct rules to minimize bank losses.
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