Mario is writing down account numbers and passwords of customers to fraudulently use them to pay for items he purchases online. This is an example of which fraud type?

• A. Check fraud
• B. Credit card transfer fraud
• C. Electronic funds transfer fraud
• D. None of the above

Answer: (C)

This involves unauthorized access to someone’s bank account to move money electronically, which falls under electronic funds transfer fraud. Electronic funds transfer covers any transfer of funds initiated through electronic means—online banking, ACH, wire payments, or other electronic transfers. Here, obtaining customers’ account numbers and passwords lets the perpetrator authorize payments from those accounts to others, directly enabling an electronic transfer of funds.

It's not check fraud, which deals with manipulated or forged checks, and it's not credit card transfer fraud, which would involve using card numbers to charge a card rather than initiating a funds transfer from a bank account. So the scenario best fits electronic funds transfer fraud.