CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam

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A consumer is tricked by a scammer into sharing online banking credentials, and the scammer then initiates an electronic fund transfer from the consumer's account. Under Regulation E, how is the transfer generally treated?

As an unauthorized EFT if the scammer lacked actual authority and the consumer received no benefit As an authorized EFT because the consumer voluntarily shared credentials As a transaction outside Regulation E because it involved online banking credentials As a wire transfer governed only by Regulation Z

Correct Answer:

As an unauthorized EFT if the scammer lacked actual authority and the consumer received no benefit

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