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Electronic Funds Transfer System Coverage

Electronic Funds Transfer (EFT) System Coverage

Definition

A financial institution crime coverage that relates to the erroneous transferring of funds to or from the checking or savings account of a customer based upon instructions fraudulently transmitted by a nonemployee. There are two categories of this type of fraud coverage, voice initiated and telefacsimile, and they may be added by rider to the bank or credit union bond or issued separately under the financial institution computer crime form.

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