Electronic funds transfer system coverage (EFT)

{
  "id": "MLC-T-INS-001271",
  "term": "Electronic funds transfer system coverage (EFT)",
  "field": "Insurance and risk management",
  "definition": "An insurance endorsement or policy that protects against losses resulting from fraudulent or unauthorized use of an electronic funds transfer (EFT) system. It covers the loss of money, securities, and other property due to a criminal actor fraudulently causing a financial institution to transfer, pay, or deliver items from the insured's account. This coverage specifically addresses risks associated with digital payment networks and automated clearing house transactions.",
  "abbreviation": "EFT",
  "url": "https://mlchart.com/terminology/insurance/electronic-funds-transfer-system-coverage-eft/"
}