YOUR ACCOUNT SECURITY, FRAUD, & REGULATION E
Fraud is always a concern, especially in today’s new digital world. We have the convenience of banking while using a personal computer or mobile device, but what rules and regulations protect you from fraudsters? Pearl Hawaii Federal Credit Union offers several innovative and secure online and mobile services to make your life even easier. Security is one of Pearl Hawaii’s top priorities. Here are some resources to help you stay safe online.
PROTECTIONS UNDER REGULATION E
Regulation E, also known as the Electronic Fund Transfer Act (EFTA), outlines the rights, liabilities, and responsibilities of consumers that use electronic services. Additionally, Regulation E or Reg E refers to a set of federal rules that protect consumers who use electronic fund transfers (EFTs). For example, EFTs are any transactions that involve computers, phones, or magnetic strips and enable Pearl Hawaii Federal Credit Union to debit a members’ account.
- Direct Deposits
- Debit Card Transactions
- Automated Teller Machine (ATM) Transactions
- Pre-Authorized Withdrawals
- Point of sale transfers
- Telephone transfers
Essentially, Regulation E will protect members from unauthorized transactions and help resolve transaction errors. If someone uses your debit or ATM card before you report it lost or stolen, how quickly you report it to Pearl Hawaii Federal Credit Union will determine your liability. The sooner you report that you lost or there is fraud on your card, the less liability there is for you.
FRAUD AND YOUR POTENTIAL LOSS
In essence, under Reg E, a consumer has 60 calendar days to report an unauthorized transaction. The time period starts with the date you receive the first statement containing the transaction. In any event that you face a lost or stolen ATM or debit card or see a fraudulent transaction, inform Pearl Hawaii immediately.
FRAUD NOTIFICATION TO FINANCIAL INSTITUTIONS & MEMBERS’ POTENTIAL LOSS
- Before any unauthorized charges have been made- $0
- Within 2 business days after you find out about the loss or theft – $50
- More than 2 business days after you find out about the loss or theft, but less than 60 calendar days after you receive your statement – $500
- More than 60 calendar days after you receive your statement – All the money lost or stolen from your account. Potentially more if your account has a negative balance.
WHAT TO DO WHEN YOU NOTICE FRAUD
Overall, if you notice suspicious account activity or experience security-related events, contact Pearl Hawaii Federal Credit Union immediately.
Pearl Hawaii Federal Credit Union
94-449 Ukee Street
Waipahu, Hawaii 96797
Additionally, you can visit any location to report suspicious account activity. For our branches and hours, visit our ATMs & Branches page.
MORE AT PEARL HAWAII
- What Is Identity Theft?
- Guard Against Multi-Factor Authentication Scams
- Beware of Romance Scams
- What is Financial Elder Abuse? Understanding Finacial Exploitation
- Improve Account Security With Transaction Alerts
- Your Account Security & Regulation E
- Protecting Yourself From Social Media Scams
- The Art of Social Engineering
- Protecting Yourself From Online Crime | Phishing, Smishing, and Vishing
- Online Security For Your Accounts
- Pearl Wallet | Protect You And Your Cards
- Internet Crime Complaint Center
- Federal Trade Commission
- 10 Things You Can Do to Avoid Fraud
- FTC: Privacy, Identity & Online Security
- Internal Revenue Service (IRS): Scams Targeting Taxpayers
- Tips for Safe Gift Card Use: Retail Gift Card Association
- Consumer Financial Protection Bureau
- The Department of Justice