Firefly is required to follow specific rules issued by the Consumer Financial Protection Bureau
; one of those rules, known as Regulation E or Reg E, covers consumer electronic transactions. It covers all kinds of situations revolving around transfers made electronically.
Under the consumer protections provided under Reg E, you can recover online banking losses according to how soon you detect and report them.
If you report the losses within two (2) days of receiving your statement, you can be liable for the first $50. After two (2) days, the amount you can be liable for increases to $500. After sixty (60) days, you could be liable for the full amount. Details on your rights and obligations regarding electronic transfers are contained in our Privacy & Disclosures
In addition, your account statement includes information on how to report errors or make inquiries about an electronic transaction.
For business accounts,
Reg E consumer protections do not apply; so it is important for business owners who use online services to use enhanced controls that include:
- conducting periodic assessments of internal controls;
- use layered security for system administrators;
- initiating enhanced controls over high-dollar transactions; and
- providing increased levels of security as transaction risk increase.