“Hey banker, what’s up?” No, that isn’t intended to be a cordial greeting. But an invitation to join me, Andy Zavoina, for a one-hour webinar to discuss just P2P Reg E payment claims. Because what’s up is fraud attempts and therefore losses. It was reported that P2P fraud attempts were up in 2021 by 41%. Other fraud and online losses are rising as well and this is the subject of this webinar. Increased claims are a clear indication that the losses from Reg E claims are up as well.
I started my day with an email from a CPA firm about a client, a PayPal pet purchase, and a Reg E claim. You already know where this is going and if you’ve been there, you may also want to be at this webinar. In this case PayPal said it wasn’t a valid account that was paid and the customer needed to go to their bank for a “refund.” I use the term refund, but that seems to indicate the bank got the money and will give it back to the customer who isn’t satisfied with their purchase. The problem is, the bank didn’t get any money, it executed the requested transfer for the customer. There was no pet and the customer wants there money back. Where do they get it? In this case the bank paid a provisional credit. Should it have?
We’ll examine when provisional credit is required, and when the bank has to investigate and pay claims like this. Depending on the way the fraud happened the bank may be suffer the loss. It may be that the P2P vendor suffers the loss or that the customer does. What’s the difference in circumstances – join me to find out.
This webinar assumes you have a basic understanding of Reg E claims requirements. Only the EFTA )law) and Reg E aspects will be discussed and not individual rules promoted by various vendors.