Which of the Following Statements Is Not True in Relation

question 10

Multiple Choice

Which of the following statements is not true in relation to the Electronic Funds Transfer (EFT) Code?

• A)If an institution claims a user has committed fraud the user is obliged to prove he/she is innocent.
• B)A financial institution has a contractual obligation to obey the EFT once it has adopted the code.
• C)The EFT is a voluntary code.
• D)If a secret code was used to carry out an unauthorised transaction and there is no evidence of a fraud or a breach of security requirements the account holder can be required to pay up to $150.

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Definitions:

Seller

An individual or entity that offers goods or services for sale.

Lessee

A person or entity who holds the lease of a property; a tenant.

Merchant

A person or company involved in the trade of goods, services, or commodities for profit.

Sale

The passing of title from a seller to a buyer for a price.