Reg E Compliance – Five Best Practices for Handling Disputes
Financial institutions began issuing EMV chip cards in 2015* and will probably continue the process throughout 2016.
While the new technology may help reduce fraud for “in-person transactions”, the potential for online fraud continues to grow. Will your financial institution experience more debit card fraud investigation in 2016?
We’ll focus on several simple steps to handle Reg E customer disputes and inquiries. Understanding the rules will help you satisfy the regulators, but can also SAVE YOUR FINANCIAL INSTITUTION MONEY by paying only the claims you’re required to reimburse for unauthorized transactions.
We’ll review the steps required to handle disputes and inquiries and time frames for resolving a claim for an unauthorized transaction. The only way you can be sure your front line staff is complying with this high-profile consumer protection regulation is by providing effective training and providing sound procedures.
*EMV stands for Europay, MasterCard, and Visa, the three companies that developed the technology to improve payment security and reduce fraud.
- The basic disclosure requirements of Reg E and the definitions that guide the error resolution process.
- What questions should you ask a customer about a disputed transaction?
- What are five “best practices” for handling a Reg E dispute?
- What should be included in an investigation report?
- How do you determine if a customer is liable for an unauthorized transaction? Learn practical suggestions for conducting an investigation.
- Resources to educate customers about fraud prevention.
Customer (Member) Service Reps, New Account Reps, Teller Supervisors, Deposit Operations staff, Security and Compliance Officers. NOTE: This webinar will NOT address Visa or MasterCard zero liability rules; only the Federal Reg E dispute provisions are included.
Susan Costonis is a compliance consultant and trainer. She frequently provides consulting services to financial institutions regarding fair lending and other compliance management issues. Her 37 year career in banking and training began with 20 years at First National Bank, an affiliate of Wells Fargo Bank, in Fort Collins, CO. Susan has been a bank compliance consultant or compliance officer in Louisiana since 1998.
During her career, Susan has successfully managed compliance programs and exams for institutions supervised by the OCC, FDIC, and Federal Reserve. She is a Certified Regulatory Compliance Manager and completed the ABA Graduate Compliance School and the Graduate Banking School of the University of Colorado. Susan regularly presents seminars to financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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