Consumer accounts are protected by Regulation E, which limits loss from unauthorized electronic fund transfers. But Regulation E liability limits don’t extend to business accounts. In the event of unauthorized online funds transfer resulting in loss of funds, your business – not the bank – is liable for the loss. SilverGuard fraud protection is just one of the many ways that MineralTree protects you from fraud.
If your business is a victim of online fraud, you typically have 24 hours to report it to your bank, and often the lost funds are not fully recovered, even with litigation. It’s clear that the best time to protect against loss due to unauthorized funds transfer is before it happens.
SilverGuard, our payment fraud protection plan, is part of every MineralTree solution, and provides fraud loss protection up to $100,000 per year.