Unauthorized Transfer

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Unauthorized Transfer

The illegal transfer of funds without permission from the person or company who owns the funds. Unauthorized transfers can be fairly basic; for example, one may steal and use a debit card. Often, however, unauthorized transfers involve using computer programs to find a person's financial information and conduct large transactions with that person's money. The person who owns the funds is responsible for the loss of the first $50 if he/she informs the bank within 60 days. Otherwise, he/she is responsible for the first $500. See also: Identity theft.
References in periodicals archive ?
The statute sets out the bank's and the customer's rights and responsibilities and prescribes which party bears the loss for unauthorized transfers.
To cover this fraud, MYLES provided the family of the victim with falsified bank statements that disguised these unauthorized transfers as business expenses.
The scam is carried out by compromising legitimate business e-mail accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds," said the release.
The Fed branch has said its clients, including Bangladesh Bank, and SWIFT have primary responsibility for preventing unauthorized transfers.
Unbeknown to the CPA, one of the insurance broker's employees has been making unauthorized transfers from the premium account to the operating account.
If the employer is investigating a worker's alleged misconduct or if a worker is accused of making unauthorized transfers of proprietary information, the employer can ask the worker to voluntarily provide his or her log-on information, but the employer cannot require it.
Saia was a four-year employee at the bank when one of her regular customers discovered multiple unauthorized transfers and withdrawals from his account, according to an FBI agent's sworn statement to obtain a search warrant in the case.
The court ruled these payments were avoidable under Section 549 of the Bankruptcy Code, as unauthorized transfers of property of the debtor's estate and recoverable from the vendor.
Any network will require continual maintenance, eventual upgrading, and constantly updated virus protection and intrusion detection systems (IDS) to watch for hackers or unauthorized transfers of data.
In contrast, companies that bank online are regulated under the Uniform Commercial Code, which holds that commercial banking customers have roughly two to three business days to spot and dispute unauthorized activity if they want to hold out any hope of recovering unauthorized transfers from their accounts.
The first step of the strategy entails embedding RSA's data-loss prevention technology into vSphere in order to monitor or block unauthorized transfers of content held in vSphere <p>Eventually, according to the plan outlined Wednesday, RSA's public-key encryption technology would also be tightly coupled to vSphere to enhance data security.
national security and foreign policy, through prudent licensing, assurance of proper end-use of licensed exports, implementation of sound practices based on statutory and regulatory interpretation, and detection/prevention of unauthorized transfers.